Social Security Advisement
in Denver, Colorado
Navigating the complexities of Social Security these days demands precision and expertise. At Trajan Wealth in Denver, Colorado, we understand the significance of securing your financial future and maximizing Social Security benefits.
We’re here to guide you through the intricacies of retirement planning, providing clarity and peace of mind for your golden years.
Entrusting Your Retirement to Denver Fiduciary Advisors
At Trajan Wealth, our Denver fiduciary advisors offer nuanced knowledge and commitment to your financial well-being. Unlike conventional financial advisors, we put your interests above all else. With ever-changing regulations, entrusting your retirement journey to our dedicated team ensures a strategic and personalized approach.
Why Trajan Wealth: Denver, Colorado
Optimal Claiming Strategies
We’ll analyze your unique financial situation, life expectancy, and other factors to recommend the most advantageous time to start claiming benefits. This can significantly impact the amount you receive over the long term.
Understanding Rule Changes
Social Security rules and regulations tend to change. We’re always informed about updates and amendments to Social Security laws, ensuring that your retirement plan complies with the latest guidelines.
Maximizing Spousal Benefits
Our financial advisors can help you maximize spousal benefits. This involves coordinating the timing and claiming strategies for both spouses to optimize Social Security and enhance the overall financial well-being of the household.
Coordination with
Income Sources
We consider Social Security part of your overall retirement income plan and can help coordinate benefits with other income sources. Such as pensions, investments, and 401(k) distributions, for a sustainable retirement strategy.
Tax
Implications
Social Security benefits can be subject to taxation. We’ll help you navigate the tax implications of your retirement income, including strategies to minimize tax liability. Allowing you to keep more of your hard-earned money in retirement.
Adjusting for
Inflation
Social Security benefits are adjusted annually for inflation. We’ll factor in the impact of inflation on retirement income to help Social Security benefits maintain their purchasing power throughout your retirement.
Along the way, our Denver team will continually monitor and adjust your Social Security plan as needed to ensure it aligns with your financial goals and timelines.
Comprehensive Financial Planning
Long-Term Wealth Management
We can develop a comprehensive lifetime income plan that assesses your short and long-term financial goals for a strategy that works toward a steady income stream throughout your retirement.
Retirement Income Planning
Our retirement plans consider how your pensions, investments, annuities, savings, and Social Security can become a stable foundation built to withstand economic changes.
Understanding the Social Security Timeline
When to take out Social Security benefits is a critical aspect of retirement planning, and it largely depends on individual circumstances, financial goals, and health considerations. Here’s a general overview of the essential milestones of the Social Security timeline:
- Early to Mid-50s. Use this time to create an account through the Social Security Administration (SSA) website. Doing so lets you see your earnings history and gain insights into potential benefits.
- Pre-Retirement Phase (Mid-50s to Early 60s). Evaluate your estimated benefits, preferably with a trusted fiduciary advisor in your area.
- Eligibility Begins (Age 62). You become eligible to claim Social Security benefits as early as age 62. However, claiming benefits at this age results in a reduced monthly benefit compared to waiting until full retirement age.
- Full Retirement Age (FRA). FRA is the age at which individuals can receive their full Social Security benefits without any reduction. The full retirement age varies based on the year of birth. For those born in 1960 or later, the FRA is 67.
- Delayed Retirement Credits (Up to Age 70). Delaying the start of Social Security beyond the full retirement age results in increased monthly benefits through delayed retirement credits. The maximum credit is earned by delaying benefits until age 70.
- Medicare Enrollment (Age 65). While Social Security benefits and Medicare enrollment are separate, many individuals choose to enroll in Medicare around age 65. Medicare Part A (hospital insurance) is usually premium-free for those who qualify based on their work history.
Other Considerations
- Consideration of Health and Longevity. You may want to wait to claim benefits if you’re in good health and have a longer life expectancy.
- Financial Planning. Consider other sources of income, retirement savings, and overall financial goals in your decision-making process. Social Security benefits can be a significant component of retirement income, so you’ll want to align timing with your other financial strategies.
- Spousal and Survivor Benefits. Couples need to coordinate their Social Security claiming strategies. Spouses may be eligible for spousal benefits, and surviving spouses may be entitled to survivor benefits. Understanding how these benefits interact is crucial for maximizing overall household income.
While some may claim benefits early for various reasons, others may opt for delayed retirement to maximize their financial security throughout retirement. That’s why personalized financial planning and consultation with a professional is so important.
Leading With the Hearts of Educators
At Trajan Wealth, we empower our clients with a comprehensive understanding of their financial options rather than simply dictating directives.
Our fiduciaries in Denver are committed to providing a clear understanding of the rationale behind our tailored recommendations. That way, you can feel confident in every step of your financial plan.