Retiring comfortably and spending quality time with loved ones is a goal that many of us share. Achieving that goal takes years of hard work, proper planning, sound investment choices and disciplined budgeting. In addition to those efforts, and as you approach retirement, one of the most impactful decisions you’ll make is when to file for Social Security.
By the end of 2022, nine out of 10 people over the age of 65 were receiving a Social Security benefit, according to the Social Security Administration. While many of us rely heavily on this source of income, there are still many relevant questions surrounding when and how to file, as well as what options are available.
In 2023, the maximum monthly Social Security benefit for an individual filing at full retirement age is $3,627. Knowing that, it is important to determine the amount you will need to sufficiently sustain your retirement goals. If the figure falls short, you’ll need to plan for potential gaps. Additionally, if you elect to file early, the benefit will be reduced. However, if you delay beyond your full retirement age, your benefit will be higher. There are many factors to consider, and it can be challenging to determine which path is best for you, your family and your budget.
VyStar Investment Services (VIS) advisors believe in a holistic financial planning process that incorporates Social Security education into discussions. Recently, VIS hosted a complimentary educational webinar on Social Security, which covered:
The basics and background of Social Security
Education on how to file in various life situations (current, divorced and surviving spouses, dependent children, people with disabilities and government employees)
Statistics, formulas and scenarios on how Social Security is calculated
The overall importance of filing
If you missed the live broadcast, you can watch a recording of the presentation. You can also reach out to the VIS team with any questions you may have about your personal situation. There’s no better time than now to plan for your retirement, and this team of licensed professionals has the tools and resources to help get you on the right track. You can reach the VIS team at 904-908-2495 or schedule an appointment online.
We understand that Social Security is an important piece of the puzzle when it comes to retirement planning. VIS is committed to helping members achieve their retirement goals by providing education, guidance and support every step of the way.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. VyStar Credit Union and VyStar Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using VyStar Investment Services and may also be employees of VyStar Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, VyStar Credit Union or VyStar Investment Services. Securities and insurance offered through LPL or its affiliates are:
Not Insured by NCUA or Any Other Government Agency | Not Credit Union Deposits or Obligations |
Not Credit Union Guaranteed | May Lose Value |