Social Security Planning Strategies

The transition from working years to retirement is a significant and critical point in a retiree’s financial journey. Many questions come up, from how to create a tax-efficient retirement paycheck to what to do with all your newfound free time. One of the most important areas to discuss is what to do about Social Security. The question of when to file will impact every single retiree, and it pays to get it right.

Unfortunately, many retirees choose to go it alone and wind up filing for Social Security benefits as soon as they are eligible. This can cause them to miss out on tens of thousands of dollars they would have received by delaying their benefit until full or delayed retirement age. The bottom line is this: when to file for Social Security is situation-specific, and it can be worthwhile to consult with a financial professional before making your decision.

TrueNorth Wealth is among the top financial firms in Idaho and Utah, with offices in Boise, Logan, Salt Lake City, and St. George. At TrueNorth Wealth, we ensure that our clients maximize their Social Security benefits by having a clear action plan in place and understanding the tradeoffs.

What you can expect from our Social Security Advisors in Boise & surrounding Idaho areas.

At TrueNorth Wealth, each of our clients works with a dedicated CERTIFIED FINANCIAL PLANNER™ professional who serves as a fiduciary, only making recommendations in the client’s best interest at all times.

This means that retirees can rest assured knowing that their financial planner will help them navigate the retirement transition with ease and specifically focus on impact-weighted areas like filing for Social Security benefits.

Through your work with your financial planner, you will discuss and understand answers to the following questions:

  • When should I file for my Social Security benefit to maximize my total payout?
  • When should my spouse file for Social Security benefits?
  • Should my spouse file for spousal or individual benefits, and why?
  • What risks do I take by waiting to file, what are the advantages?
  • What does the filing process look like, and do I need to go into a Social Security office?
  • What are the common pitfalls that I need to look out for?
  • If I have already filed for Social Security, can I change my mind?
  • How should my personal and family health history impact my decision to file?
  • If I pass away, what happens to my Social Security benefit?

All of these questions and more will be part of the Social Security planning discussion with your trusted financial planner. Our job is to make sure that you understand precisely what you should do and why before filing for your Social Security benefit.

Unfortunately, the Social Security program has suffered setbacks over the years, so new legislation is often passed to modify and trim the program at the edges to increase the program’s solvency. Part of our job is to constantly monitor the new legislative changes and modifications to the Social Security program and update your plan as necessary.

Let’s get started.

If you’re interested in working with a dedicated and trusted financial planner to guide you through the Social Security planning process, then let’s get started. Click below to schedule a complimentary consultation and meet your CFP® professional in our Boise, ID office or via teleconference.

Discuss a Social Security plan today.