“Our Social Security program is an important part of the complete picture. It proposes, by means of old age pensions, to give to all old and young alike a feeling of security as they look toward old age.”
– Franklin Delano Roosevelt
On August 14, 1935 Social Security became reality and is now a major part of our retirement system and welfare system. Today, so many people rely on Social Security for a financial piece of their retirement, and for some people it’s a major portion of their retirement income. What people sometimes miss is how complex the system has become, how many times the rules have changed, and how the average couple aged 62 is going to have somewhere north of 600 different iterations on how they can claim Social Security. The decision on how and when you claim along with your spouse can mean thousands in additional lifetime income just by making the right claiming decision.
In recent years there have been changes to the Social Security system. We’ve also had tax changes in the Reagan and Clinton administrations in relation to Social Security. During the Obama administration we saw some key strategies for claiming Social Security removed or changed. The point is, it’s important to keep up-to-date on the changes to Social Security in order to make sure you understand how and when you need to claim to get the most out of your benefits. While you may not enjoy thumbing through new laws and making sure you know all of the details surrounding claiming strategies, Barber Financial Group does and that’s what we’re here to do.
“When the time comes, you walk in, you sign on the dotted line and you get your money. And it’s going to be what it’s going to be and there’s nothing you can do about that. I knew nothing about all the options I know about today…” – Tom
Social Security is an integral part of most Americans’ retirement. Many don’t even realize there are strategies you can employ to help maximize your benefits as most are of the thought that Social Security is just an entitlement program. Recently Dean spoke with a retiree by the name of Tom on America’s Wealth Management Show. Tom said, “That’s precisely what I thought. When the time comes, you walk in, you sign on the dotted line and you get your money. And it’s going to be what it’s going to be and there’s nothing you can do about that. I knew nothing about all the options I know about today, which we have employed, to maximize our Social Security benefit.”
Tom was right, you can go in, sign on the dotted line, and you’re all set. That’s what the vast majority of Americans will do and they don’t even give it a second thought. Why don’t they give it a second thought? Because they don’t know they have options. A good place to start is our Social Security Education Center, where you can find reports like 5 Things Retirees Should Know About Social Security and the Social Security Checklist.
You can catch more of the interview with Dean and Tom this weekend on America’s Wealth Management Show as they will be talking Social Security on this weekend’s episode. They’ll also be diving into the myths surrounding Social Security, how claiming at certain times could mean a difference in the benefit amount, and how closely related Social Security and taxes really are. Tune in this Saturday, August 18th from 11:00am to Noon on 98.1FM KMBZ!
If you have questions about Social Security and how it fits into your retirement plan, we’re happy to help. Barber Financial Group provides a free no-obligation Social Security Analysis where we sit down and discuss all of the options you have in claiming your Social Security and how it relates to the rest of your financial plan. Fill out the form below or give us a call at 913-393-1000 to get your Social Security Analysis.
Investment advisory services offered through Barber Financial Group, Inc., an SEC Registered Investment Adviser.
The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.