Early Retirement - Navigating the Gap Years - Social Security Explained Ditch the Suits - Start Getting More From Your Money & Life

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What is Social Security 
Think of Social Security as a giant pension for American workers. There is a number that you are entitled to at “full retirement age,” and it is adjusted based on certain circumstances. These circumstances, just like a pension, include what age you start benefits, and they do have restrictions if you start benefits early and still work. Social Security was never meant to be the only source of income for people when they retire. It was designed to replace a portion of a worker’s pre-retirement income based on your lifetime Social Security tax withholding and when you start benefits. Your benefit is based on your highest 35 years of earnings
What people get wrong about Social Security
Social Security is not one size fits all. Whether you should take it early depends on your survivorship needs, personal health, income tax situation, cash flow needs, projected returns of your portfolio, etc. Online Calculators cannot help you factor in the following scenarios:
  Cash verse long-term diversified investments  Short life expectancy  Hardship created if a spouse passes away  The impact of income taxes (not your tax bracket!)  What are you doing with the benefits_____________________________________________________________________

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Social Security Made Easy
 Social Security is essentially a pension.  You pay in and get a benefit based on certain contingencies. Think of it as a pile of money that you get to draw from that is designed to last your entire life.  If you draw it early, you get less per year, but you may get it for more years than if you started it late. If you start late, you get more per year but may get less overall if you die early.However, if you stop here in your decision-making, you have messed up already. Taxes, survivorship needs (your life ______________________________________________________________

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Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com

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