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LINCOLN, Neb. – In a world of IRAs, bonds, annuities and investment property, one retirement benefit often gets overlooked – or not discussed at all – by some financial advisers: Social Security.
“In retirement, you need to create as much fixed, guaranteed income as you can,” says Tony Perrone, president and founder of the Estate Planning Group and author of "I Didn’t Know I Could Do That: 9 Financial Strategies That Can Save or Make You Money" (www.DropHelp.com). “Social Security is just as valuable as any of your other assets.”
Americans can draw their Social Security as early as 62, for reduced benefits, or as late as 70, for enhanced benefits. When benefits are elected, a retiree makes a permanent choice, meaning benefits are reduced over the course of a lifetime, not just until full retirement age. The Social Security break-even age is 77, or 15 years after the first retiree elected to receive benefits.
Perrone says those who are contemplating when to take their Social Security benefits shouldn’t automatically take the largest check they are eligible for and assume they are making the right decision.
“None of us has crystal balls,” Perrone says. “But if you think there’s a good chance you might live longer than average, or if you’re just an optimist, you might want to think about going for the maximum monthly payment. Once it starts, it’s locked in for life.”
Perrone provides some additional tips and strategies for getting the most out of your Social Security benefits:
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