Tip of the Week

Using Social Security Filing Strategies to Address Changed Circumstances

Social Security has always been promoted as a safety net in retirement. Access to this safety net starts at age 62 for many people. However, to use the program correctly, it is important to understand how and when taking benefits will impact a client’s overall plan for income in retirement. The impact of choosing a particular Social Security filing strategy, including whether to change a strategy, depends on a particular individual’s situation. It is important to analyze the situation rather than relying on rules of thumb or other generalizations.

Social Security is one of the few predictable sources of income in retirement that may be adjusted for inflation. For many people, Social Security represents one of the largest income assets available to them. It is important to make a good decision about when and how to take Social Security benefits.

While clients try to make the best decision, subsequent information or events may mean the initial decision is no longer the most desirable one. There are a few ways to change a filing election. Social Security filing is a dynamic process and one that can adapt to changing and challenging times.[i]

More details on Social Security benefits and options are available at www.ssa.gov and from the SSA.

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