Social Security Planning

social security planning

You have heard about the importance of social security planning practically from the time you got your first job. Now that several years or even decades have passed, you realize the time has come to get serious about it.

Like many people, you may have put it off because you feel confused and overwhelmed about all the information out there. Macino Financial Services provides honest straightforward advice in a manner that takes your unique circumstances into account.

Common Social Security Planning Mistakes

As someone who has worked in the financial services industry for over a decade, David Macino has witnessed people make dozens of mistakes with social security planning. Three of the most common include:

Failing to check the annual earnings statement for accuracy: This is critical because an error in income reporting under your social security number could reduce your benefits for the duration of your retirement. People often overlook the importance of this step because social security statements are no longer mailed. However, you can retrieve one by creating an account on the Social Security Administration website and following the prompts.
Not understanding the true value of social security earnings: The rumor has circulated for years that the social security fund will simply run out of money one day and that people should not depend on it for retirement income. Our research indicates it will remain viable until at least 2037. That means current retirees and anyone who plans to retire in the next 20 years can and should depend on it as a monthly income stream.
Taking social security benefits too early: You have paid into social security for years and want to cash in as soon as you can. However, starting social security at 62 or even 65 is often a mistake and the decisions should be made with proper analysis. If you are healthy enough to continue working past 66 or until age 70, your monthly payout could be as much as one-third higher than if you decided to collect at an earlier age.

We want what is best for our clients, including helping you avoid common social security planning mistakes. By taking the time to meet with David or his team at MFS now, you can enjoy your retirement years to the fullest and see for yourself about being a social security millionaire.

Retirement. Your vision. Our passion.

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