Much Social Security advice avoids lifestyle considerations
Many financial advisors, when discussing Social Security with clients, focus almost entirely on how to gain the most in lifetime benefits. Some give advice which encourages waiting as late as possible to claim, while other suggest that claiming early is the right thing to do. But unfortunately, most advisors don’t consider two quite fundamental scenarios when advising clients, both of which evaluate a client’s cash flow needs during their retirement years. Achieving one’s dreams might suggest claiming early while you’re still healthy enough to enjoy that dream, and delaying income from benefits might allow one to take advantage of other social welfare programs available to the less affluent among us. This YAHOO! Finance article by Motley Fool’s Dan Caplinger describes why, in his opinion, most Social Security advise is wrong. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…