Social Security Archives

When It Comes to Social Security, Focus On What You Can Control

BML Wealth Marketing2023-03-23T21:28:48-07:00August 9, 2020|Social Security|

Even if you don’t plan to rely primarily on Social Security for income in retirement, it’s still an important part of your retirement plan. Despite its importance, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household, according to a recent study.[1] You might have many worries in today’s world, especially when planning for retirement. But, when it comes to Social Security, focus on what you can control. Is Social Security Recession-Proof? While Social Security benefits aren’t affected by the stock market (unlike income [...]

Should You Claim Social Security Early Due to Financial Hardship?

BML Wealth Marketing2020-05-31T23:51:40-07:00April 12, 2020|Financial Planning, Social Security|

If your financial or employment situation has changed due to coronavirus, you may be rethinking your Social Security claiming strategy. While you can claim Social Security benefits as early as age 62, you will receive a permanently smaller benefit. If you wait to claim past your full retirement age, your benefit will increase by 6 - 8% per year you defer until age 70. This can make balancing immediate needs with long-term financial well-being difficult. There are so many ways to claim Social Security and what strategy is best depends on your unique financial situation, [...]