{"id":5106,"date":"2014-12-15T05:29:55","date_gmt":"2014-12-15T13:29:55","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=5106"},"modified":"2014-12-15T05:29:55","modified_gmt":"2014-12-15T13:29:55","slug":"social-security-time-money","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/","title":{"rendered":"Social Security \u2013 It\u2019s about Time and Money"},"content":{"rendered":"<p><a href=\"http:\/\/blog.paladinregistry.com\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"174\" class=\"alignleft size-medium wp-image-5109\" src=\"http:\/\/blog.paladinregistry.com\/wp-content\/uploads\/2014\/12\/social-security-time-and-money-300x174.jpg\" alt=\"social security time and money\" srcset=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money-300x174.jpg 300w, https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg 620w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>Will you run out of money before running out of time? \u00a0Your social security strategy can be the difference! \u00a0If you are reading this, chances are your BIGGEST concern in regards to retirement income planning is outliving your money in retirement.\u00a0 Having counseled and advised thousands of retirees and pre-retirees around the country I can tell you without a shadow of a doubt you are not alone.\u00a0 In this second part of our four part series on social security and it\u2019s impact on retirement income planning we will look into how your life expectancy and other circumstances can dictate when you should retire as well as when you should begin collecting benefits. <a title=\"Social Security or Insecurity \u2014 for Future Retirees that is the Big Question\" href=\"http:\/\/blog.paladinregistry.com\/retirement\/social-security-insecurity-future-retirees-big-question\/\" target=\"_blank\">In the last article we learned the vast majority of retirees are dependent on Social Security to meet their everyday needs.<\/a>\u00a0 Therefore, your social security strategy can be the difference between retirement success and failure.<\/p>\n<p><strong>Assessing your current situation<\/strong><\/p>\n<p>Part of assembling a great retirement game plan is assessing your current situation.\u00a0 One of the first things we consider when creating a retirement plan for our clients is their life expectancy.\u00a0 The good news is people are living longer lives. The bad news\u2026. people are living longer lives.\u00a0 The new mortality tables released in October by the non-profit <a href=\"https:\/\/www.soa.org\/About\/Overview\/default.aspx\" target=\"_blank\" rel=\"nofollow\">Society of Actuaries<\/a> show the average life expectancy of a 65-year old woman in the United States has increased to 88.8 and males are now expected to live to 86.6.\u00a0 The average 65-year-old couple now has over a 50% chance of one person living past 90. Your personal life expectancy can and should be determined based on your age, personal health, habits, and family history.\u00a0 This new retirement reality means that the vast majority of retirees are spending at least 20 years of their lives in retirement.\u00a0 It is now more important than ever for you to consider this new reality and it\u2019s impact on your retirement plans and income strategy.\u00a0 Why?\u00a0 Because a greater amount of resources are needed to avoid running out of money before running out of time!<\/p>\n<p><strong>Exploring the options for you<\/strong><\/p>\n<p>This need for greater resources coupled with potential changes in social security benefits means we need to learn how to maximize those benefits.\u00a0 In order to do that we first need to explore our basic options.\u00a0 Although you can begin taking benefits as early as age 62 you will receive a reduced amount.\u00a0 In the near future this amount will fall to just 70% of what you would collect if you waited until <a href=\"http:\/\/www.ssa.gov\/retire2\/retirechart.htm\" target=\"_blank\" rel=\"nofollow\">full-retirement age<\/a>.\u00a0 Full-retirement age is currently between the ages of 66-67 and is dependent on the year you were born. By delaying benefits up to age 70 you can receive a higher benefit amount due to delayed work credits.\u00a0 Every year you delay collecting benefits beyond your full retirement age can increase your Social Security check by about 8%.\u00a0 Currently there are no further benefits for delay beyond age 70.<\/p>\n<p>The shorter your life expectancy the more likely you would benefit from taking benefits earlier.\u00a0 The longer your life expectancy the more likely it would benefit you to wait.\u00a0 Why? Every year you delay receiving benefits is a years\u2019 worth of benefits that have to be made up with higher payouts in future years. Another consideration is the returns that are sacrificed on the money that has to be <a href=\"http:\/\/www.paladinregistry.com\/retirement\/investing-for-retirement\" target=\"_blank\">withdrawn from investment assets<\/a> while waiting to take benefits.\u00a0\u00a0 This rate of return will vary according to your plan allocation. You need to run calculations for each option until you find the one that results in the greatest net lifetime payout for your life expectancy.<\/p>\n<p>If you are considering taking benefits prior to your full retirement age and you plan on working part-time or full-time you need to also be aware of the penalties for doing so.\u00a0 For every $2 you earn above certain limits (the income level in 2014 is $15,480) your social security benefits will be reduced by $1.\u00a0 In the year you reach full retirement age, benefits are reduced $1 for every $3 above a higher income threshold, which is $41,400 in 2014.\u00a0 Once you reach full retirement age there are no further deductions.\u00a0 Therefore, it is very important to factor this into your calculations as the impact from these reductions prior to full retirement age can certainly alter which strategy is best for you.<\/p>\n<p><strong>Exploring the options to include your spouse<\/strong><\/p>\n<p>Up until now everything discussed has been based on looking solely at your benefits and basic options.\u00a0 When you add a spouse, their life expectancy, and their earnings history into the mix things become a little more complicated.\u00a0 For example if your social security benefit is expected to be double the benefit of your spouse and your spouse is expected to live several years beyond the end of your plan (nice way of saying your death) delaying your benefits may be the best decision.\u00a0 Why? Because when you die your spouse gets the greater of the two benefits for the rest of his\/her life, which can make a huge difference in total payouts over your combined life expectancies.\u00a0 In the process of comprehensive retirement planning, it is not uncommon for us to uncover more complex strategies for couples resulting in over $100,000 in additional lifetime social security payouts paying for their plans several times over.\u00a0\u00a0 I have seen on more than one occasion where these more complex strategies, also known as social security maximization strategies have literally made the difference between a couple\u2019s probability of success or failure in retirement.\u00a0 In my next post I will touch on some of these strategies.<\/p>\n<p><em><strong>To learn more about Michael Miller, view his <a href=\"https:\/\/www.paladinregistry.com\/financial-advisor\/midlothian-texas\/Michael.Miller\" target=\"_blank\">Paladin Registry profile<\/a>. \u00a0<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Will you run out of money before running out of time? \u00a0Your social security strategy can be the difference! \u00a0If you are reading this, chances are your BIGGEST concern in regards to retirement income planning is outliving your money in retirement.\u00a0 Having counseled and advised thousands of retirees and pre-retirees around the country I can tell you without a shadow of a doubt you are not alone.\u00a0 In this second<\/p>\n","protected":false},"author":53,"featured_media":5109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-5106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Social Security \u2013 It\u2019s Time and Money<\/title>\n<meta name=\"description\" content=\"Will you run out of money before running out of time? Your social security strategy and its impact on retirement income planning can be the difference!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Social Security \u2013 It\u2019s Time and Money\" \/>\n<meta property=\"og:description\" content=\"Will you run out of money before running out of time? Your social security strategy and its impact on retirement income planning can be the difference!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/\" \/>\n<meta property=\"og:site_name\" content=\"Paladin Registry Blog\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/MillerPremier\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-15T13:29:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Miller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@MichaelMillerCF\" \/>\n<meta name=\"twitter:site\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Miller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/\",\"name\":\"Social Security \u2013 It\u2019s Time and Money\",\"isPartOf\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg\",\"datePublished\":\"2014-12-15T13:29:55+00:00\",\"dateModified\":\"2014-12-15T13:29:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/b41c52c25c22099dd0c477f9b1f80a77\"},\"description\":\"Will you run out of money before running out of time? Your social security strategy and its impact on retirement income planning can be the difference!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#primaryimage\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg\",\"contentUrl\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg\",\"width\":620,\"height\":360},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.paladinregistry.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Retirement\",\"item\":\"https:\/\/www.paladinregistry.com\/blog\/category\/retirement\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Social Security \u2013 It\u2019s about Time and Money\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#website\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/\",\"name\":\"Paladin Registry Blog\",\"description\":\"Helping You Make Better Financial Decisions\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.paladinregistry.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/b41c52c25c22099dd0c477f9b1f80a77\",\"name\":\"Michael Miller\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/11\/Michael-Miller-96x96.jpg\",\"contentUrl\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/11\/Michael-Miller-96x96.jpg\",\"caption\":\"Michael Miller\"},\"description\":\"Michael Miller is the Founder\/President of Miller Premier Investment Planning, LLC. Named one of the top financial planners in the country; Michael has been featured as a financial planning resource in major media outlets. He founded Miller Premier in 2007 with the purpose of serving middle income individuals and families on a fee-only basis. His desire is to make affordable financial planning and investment management services available to the everyday investor. Michael has a very strong background in retirement and investment planning - as a financial planning manager for ICMA-RC he was responsible for over $1 billion in private client retirement accounts. He also writes a newsletter that educates workers on how to best plan and invest for their retirement. Mr. Miller is a CERTIFIED FINANCIAL PLANNER\u2122 professional and has been a featured speaker for the Texas Association of Counties\u2019 Annual Judges and Commissioner\u2019s Conference and numerous financial planning seminars throughout the country.\",\"sameAs\":[\"http:\/\/www.finplng.com\",\"https:\/\/www.facebook.com\/MillerPremier\",\"http:\/\/www.linkedin.com\/in\/millerpremierinvestments\",\"https:\/\/x.com\/MichaelMillerCF\"],\"url\":\"https:\/\/www.paladinregistry.com\/blog\/author\/michael-miller\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Social Security \u2013 It\u2019s Time and Money","description":"Will you run out of money before running out of time? Your social security strategy and its impact on retirement income planning can be the difference!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/","og_locale":"en_US","og_type":"article","og_title":"Social Security \u2013 It\u2019s Time and Money","og_description":"Will you run out of money before running out of time? Your social security strategy and its impact on retirement income planning can be the difference!","og_url":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/","og_site_name":"Paladin Registry Blog","article_author":"https:\/\/www.facebook.com\/MillerPremier","article_published_time":"2014-12-15T13:29:55+00:00","og_image":[{"width":620,"height":360,"url":"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg","type":"image\/jpeg"}],"author":"Michael Miller","twitter_card":"summary_large_image","twitter_creator":"@MichaelMillerCF","twitter_site":"@PaladinRegistry","twitter_misc":{"Written by":"Michael Miller","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/","url":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/","name":"Social Security \u2013 It\u2019s Time and Money","isPartOf":{"@id":"https:\/\/www.paladinregistry.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#primaryimage"},"image":{"@id":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#primaryimage"},"thumbnailUrl":"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg","datePublished":"2014-12-15T13:29:55+00:00","dateModified":"2014-12-15T13:29:55+00:00","author":{"@id":"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/b41c52c25c22099dd0c477f9b1f80a77"},"description":"Will you run out of money before running out of time? Your social security strategy and its impact on retirement income planning can be the difference!","breadcrumb":{"@id":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#primaryimage","url":"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg","contentUrl":"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/12\/social-security-time-and-money.jpg","width":620,"height":360},{"@type":"BreadcrumbList","@id":"https:\/\/www.paladinregistry.com\/blog\/retirement\/social-security-time-money\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.paladinregistry.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Retirement","item":"https:\/\/www.paladinregistry.com\/blog\/category\/retirement\/"},{"@type":"ListItem","position":3,"name":"Social Security \u2013 It\u2019s about Time and Money"}]},{"@type":"WebSite","@id":"https:\/\/www.paladinregistry.com\/blog\/#website","url":"https:\/\/www.paladinregistry.com\/blog\/","name":"Paladin Registry Blog","description":"Helping You Make Better Financial Decisions","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.paladinregistry.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/b41c52c25c22099dd0c477f9b1f80a77","name":"Michael Miller","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/11\/Michael-Miller-96x96.jpg","contentUrl":"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/11\/Michael-Miller-96x96.jpg","caption":"Michael Miller"},"description":"Michael Miller is the Founder\/President of Miller Premier Investment Planning, LLC. Named one of the top financial planners in the country; Michael has been featured as a financial planning resource in major media outlets. He founded Miller Premier in 2007 with the purpose of serving middle income individuals and families on a fee-only basis. His desire is to make affordable financial planning and investment management services available to the everyday investor. Michael has a very strong background in retirement and investment planning - as a financial planning manager for ICMA-RC he was responsible for over $1 billion in private client retirement accounts. He also writes a newsletter that educates workers on how to best plan and invest for their retirement. Mr. Miller is a CERTIFIED FINANCIAL PLANNER\u2122 professional and has been a featured speaker for the Texas Association of Counties\u2019 Annual Judges and Commissioner\u2019s Conference and numerous financial planning seminars throughout the country.","sameAs":["http:\/\/www.finplng.com","https:\/\/www.facebook.com\/MillerPremier","http:\/\/www.linkedin.com\/in\/millerpremierinvestments","https:\/\/x.com\/MichaelMillerCF"],"url":"https:\/\/www.paladinregistry.com\/blog\/author\/michael-miller\/"}]}},"_links":{"self":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/5106"}],"collection":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/comments?post=5106"}],"version-history":[{"count":6,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/5106\/revisions"}],"predecessor-version":[{"id":5113,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/5106\/revisions\/5113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/media\/5109"}],"wp:attachment":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/media?parent=5106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/categories?post=5106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/tags?post=5106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}