“I may not always be right, but I’m always sure.”
Don’t you just love that quote above. It was front and center recently in a discussion regarding Social Security.
What I know for sure is that Social Security is complex… maybe not quite like the tax code, but in the ballpark. If a person isn’t careful they might do a quick fly-by of the Social Security website or do a quick read of a brochure and think they’ve got their decision under control. Or, maybe not.
Case in point. I was talking with a family friend recently who is nearing age 60. Not 30 seconds into the discussion of Social Security she interrupted me and said she is on top of her options and is going to apply for benefits as soon as she turns age 62. She and her husband had been to a “seminar” and knew what they were going to do.
Let’s think about that at its most simple level… pure monthly income. She was sure that applying at age 62 and taking at least a 25% haircut on her lifetime benefits is the right thing to do. Now, I don’t intimately know her financial situation, but I know it well enough to be sure it’s a bad decision. She and her husband won’t need that money from Social Security in a couple of years. She hadn’t weighed all the factors of waiting until the full retirement age of 66, much less holding off to the maximum age of 70 and getting an ADDITONAL 32% added to her monthly benefits. Needless to say I will spend more time with her in the coming weeks.
Help your retirement age clients make good decisions about Social Security with Redbird’s workshop package. Call Drew today!
The timing of that discussion was great because it came just before we’re about to open a new season of Social Security workshops. I, along with several other Redbird agents, are scheduling sessions for the rest of this year to meet with seniors approaching full retirement age. We typically seek out those 58-66.
I’m continually surprised—shocked, really—about how little those approaching retirement age know about Social Security. Talking Social Security to seniors is a big piece of Redbird’s ongoing marketing program. Our monthly workshops strike a nice balance between peaking interest and scaring attendees half to death… just kidding. But, it’s clear that some seniors need a poke in the chest to get them to acknowledge the gravity of this decision on their financial future. Here are some of the questions we consistently hear:
- Can I still receive benefits and work?
- How can I plan for retirement?
- What is the maximum amount of benefit I can receive?
- What happens to my benefit if I get a pension from work not covered by Social Security?
- Do I have to pay taxes on Social Security?
- What if I apply for benefits and change my mind?
I work with a local attorney and we send out about 50-75 invitations each month to his clients. We will get a 10-15 percent response and have an hour or more to spend with folks who want to be right about their options. These workshops are a great opportunity to generate leads and start serious, in-depth discussions with potential clients.
I’m sure of it.
Give me a call if you’d like to talk more.
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