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How many ways are there to take Social Security benefits?

Would you believe there are 81 different possibilities?

Most people think of 3:

  • Early retirement at age 62
  • Full retirement at 66 or later depending on birth date
  • Maximum retirement at age 70.

Known as the “break-even” analysis method; retirement planners use stock computer models that add up the monthly Social Security payments for each of the above over a chosen life expectancy.  Then the totals of each of the 3 incomes are  compared.  Whichever is higher becomes the recommended choice.

Did you know if you live to age 83 your total Social Security income is the same no matter which option you pick?   That is if you settle for only one of the 3 options above.

But there are 78 more Social Security income combinations available and almost no one is talking about or using them to maximize their clients retirement income streams.  Until now.

At the end of May a new patent pending Social Security Explorer which is capable of estimating the income potential from all 81 SS combinations will be available in Tim Barton’s office.  This will be a comprehensive income planning service designed to  help retirees and those approaching retirement more fully understand all of their Social Security options.  If someone has already started drawing their  Social Security they may still be able to maximize their benefits.  Many do not realize Social Security benefits can be changed even after the checks begin.

If you would like to explore your Social Security benefit options contact Tim Barton, ChFC for an analysis.  List your SS estimated monthly benefit for both spouses and current age in the comment section.

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One Response to 81 Different Social Security Possibilities

  1. PSV on June 11, 2013 at 8:56 am

    Hi Tim: I am 53 years old and have been on Social Security Disability since September of 1988. I am dependent entirely on my benefit to live. But I don’t have enough money to live on. I went back to college at age 36 but I wasn’t able to leave social security. I just feel a total, permanent loss. Is there a viable way of getting off of social security and paying off astronomical student loans. I’m absolutely a wreck.

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