Social Security Timing - Background

  • There are about 10,000 people per day entering the ranks of the over age 65 population. 
  • A substantial portion of these Boomers will elect to collect a reduced social security income benefit at the age of 62.
  • Unfortunately, many of them have made their Social Security benefit decision without adequately assessing the long-term financial impact of their decision.
  • The stock market meltdown in 2008 and 2009 resulted in a sharp contraction in the value of investment assets.
  • Company and individual retirement plans experienced a dramatic drop in value – in some cases as much as 40%.
  • Unemployment increased causing a reduction in personal income and personal savings, resulting in a massive slowdown in economic activity.
  • Responding to this economic contraction, the Federal Reserve Board substantially lowered interest rates to stimulate the economy.
  • As a result banks pay less interest on CD deposits, and bonds, including Treasuries, no long pay the high interest rates they have in the past, thus reducing the income that many Seniors and those approaching retirement depend upon.

Here is a brief video that explains some of the history of Social Security and Five Facts you should know about it. Pay particular attention to the final fact about the timing of your benefits.”

Social Security Explained - Five Key Facts

Integrity Financial Advisory Responds

Here at IFA, we recognize the challenges that those in retirement or approaching retirement face. Our practice provides financial planning advice on all aspect of retirement planning, including evaluation, analysis and recommendations related to the timing of taking Social Security benefits. We assist our clients with making this important decision. Since there are over 900 possible Social Security benefit selection outcomes for a married couple, we know how difficult and confusing this decision can be. Making a decision that you will have to live with for the rest of your life can be a terrifying experience, rest easy. We make it possible for you to understand your Social Security benefit choices and make the right one for you and your spouse and rest easy that you have made the right decision.

We provide an unbiased analysis and recommendation for you to consider. Since we are a fee only fiduciary practice, we sell no product to implement your decision. You can take your decision directly to the Social Security Office and implement it. If you are a full service client of IFA already, this service is included in the services we already provide to you. If you are not a client of IFA we charge a small tax deductible fee for this service.

Our microsite can give you a preliminary evaluation of how benefit planning might improve your retirement income. For a consultation and a complete evaluation contact us at  Please click the following link:

Retirement Planning Preview

CBS News has a very good page  that outlines six questions you should ask a financial advisor about  the advisors understanding of Social Security benefits.

Social Security Consideration for Government Employees

Are you or your spouse a government employee? Are you a teacher, a city, state, or federal employee? Are you eligible for an earnings based pension not covered by Social Security? Two provisions under federal law, the Government Pension Offset and the Windfall Elimination Provision, are important to take into consideration when determining your Social Security at retirement. While this is not a dire consequence, if not taken into account when planning for retirement in can have marginal, if not material effects on your Social Security status.

Knowledge is half the battle; the link below is an article that discusses the above issues in some detail. Please read it at your leisure, should you have any questions we would be pleased to assist you.

The article:
Government Pension Offsets, Winefall Elimination Privision, and You

Under the Hood: What you need to know about Medicare Part A, B, C and D

In the article linked below Mike Patton, a well-known advisor, explains the history of Medicare briefly and then discusses the various parts of Medicare. If you are not on Medicare yet but have always been puzzled by it, then this article will help dispel some of the mystery. He then goes on to explain how premiums for each part are set and administered. Finally, he spend a little time explaining the intersection of the Affordable Care Act and Medicare going forward.

The article:
Under The Hood - Medicare What You Need to Know