"In Social Security's Program Operations Manual System, there are 567 calculations that help you determine when the best age to claim Social Security is. Running through all of the different claiming options, especially if you are married, is something most people aren't really equipped to do on their own. A financial advisor can help you to fully understand how your claiming choices are going to affect your finances, so you don't leave a lot of money on the table without realizing it."
"Most people don't really understand the rules of Social Security. An Allianz Life survey revealed that 46% of people are worried about maximizing Social Security, while 55% said they don't know much about how their benefits will fit into their retirement plans. If you don't know all of Social Security's complicated rules, you are more likely to claim at the wrong time and potentially shrink both your monthly benefits and your lifetime benefits."
Claiming Social Security requires choosing an age between 62 and 70. Social Security's rules include hundreds of claiming options; the Program Operations Manual System contains 567 calculations to determine the best claiming age. Working through all claiming permutations is complex, particularly for married couples whose choices can affect both spouses' incomes. An Allianz Life survey found 46% of people worry about maximizing Social Security and 55% say they do not know how benefits fit into their retirement plans. If beneficiaries lack knowledge of complicated rules, they risk claiming at the wrong time and reducing monthly and lifetime benefits. Professional advisors can model options and help preserve retirement income.
Read at 24/7 Wall St.
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