Social Security Advisement in Salt Lake City
Social Security is a complex system that can drastically impact your retirement plans. Choosing a fiduciary in Salt Lake City for Social Security planning ensures that a trusted advisor guides you in making decisions that align with your financial objectives. At Trajan Wealth, we offer a deep understanding of the intricacies and factors that can impact your retirement planning, including timing, work status, and spousal coordination.
Why Turn to SLC Fiduciaries for Social Security Recommendations?
Why Trajan Wealth: Salt Lake City
Here’s how our fiduciaries in Salt Lake City can assist you with Social Security benefits:
Personalized Financial Planning
We take a holistic approach to financial planning, considering your overall financial situation, retirement goals, and lifestyle. We’ll integrate Social Security benefits into a comprehensive retirement plan tailored to your needs.
Maximizing
Benefits
We’re experts in Social Security rules and regulations. Our team can help you determine the optimal age to start claiming benefits based on your circumstances. Considering your health, life expectancy, and financial goals.
Understanding Spousal & Survivor Benefits
If you're married, we’ll help you navigate spousal and survivor benefits and offer strategies to maximize benefits for both you and your spouse. Considering factors like age, health, and income needs.
Coordination with Other Retirement Assets
Social Security is just one component of your retirement income. To create a cohesive and tax-efficient retirement income strategy, we coordinate your Social Security benefits with other retirement assets, such as pensions, 401(k)s, and IRAs.
Addressing Tax Implications
We provide insights into the tax implications of Social Security benefits. They can help you develop a tax-efficient withdrawal strategy to minimize the impact on your overall tax liability during retirement.
Continuous Monitoring & Adjustments
Social Security planning is an ongoing process. Our SLC team will regularly review your financial situation, monitor changes in Social Security laws, and adjust your plan as needed.
Are You Thinking About Your Financial Planning Holistically?
Long-Term Financial Planning
Invest in comprehensive financial planning services that extend beyond Social Security, including custom design portfolios, 401(k) rollovers, and private equity investing.
Retirement Income Planning
Our retirement income plans are tailored to your circumstances and encompass not just Social Security benefits but also pensions, investments, and annuities.
Our clients receive ongoing support and regular reviews. As life changes, we’ll adjust your financial plan accordingly, ensuring we’re continually working towards your evolving goals and timeline.
Navigating the Social Security Timeline
- 20-50s. Focus on building a solid financial foundation for retirement, including working with a fiduciary advisor.
- Early to Mid-50s. Create an account on the Social Security website to see your earnings history and even calculate potential future benefits.
- Mid-50s to Early 60s – Pre-Retirement Phase. Evaluate your estimated benefits through the Social Security Administration (SSA) website. Have a fiduciary advisor assess your overall retirement portfolio and consider how Social Security fits into your income strategy.
- Full Retirement Age (FRA). FRA is a critical milestone for receiving your full Social Security benefits. Be aware of your FRA, as claiming before this age may result in a reduced benefit – while delaying beyond it can lead to increased benefits.
- Age 62 – Early Claiming. While you can claim benefits as early as 62, weigh the consequences of reduced monthly payments over your lifetime. Early claiming might make sense in certain situations, but it’s not always the most financially advantageous choice.
- Age 65 – Medicare Enrollment. Enroll in Medicare around your 65th birthday to avoid potential penalties. Note that Medicare and Social Security are distinct programs, but understanding their coordination is crucial for comprehensive retirement planning.
- Age 70 – Delayed Retirement Credits. If possible, consider delaying your Social Security claim until age 70. Doing so accrues delayed retirement credits, resulting in higher monthly benefits. This strategy can be particularly advantageous for those in good health with a longer life expectancy.
- Ongoing Evaluation (Retirement and Beyond). Regularly reassess your financial situation and adjust your Social Security strategy as needed. Life events, changes in health, and economic circumstances may warrant changes to your original plan.
Educating Our SLC Clients
SLC Fiduciaries Who Look Out for You
Get trustworthy, client-centric advice that helps secures your stable retirement. Schedule a consultation with our Salt Lake City fiduciaries, and let’s get Social Security working for you. We have two locations, one in Draper and one in Farmington, and we also offer secure, virtual consultations for your convenience.