Social Security Planning

Christian LaPeter and The LaPeter Financial Concepts team, have been working thoroughly to clarify all the confusion surrounding Social Security and Pension Income. They offer seminars at many of the public libraries across Long Island to help educate the community on this constantly changing topic. Social Security benefits are very similar to pension benefits in the sense that they will both create permanent income that you can't outlive. They also can be affected by many outside factors.

When it comes to Social Security, there are 3 popular “claiming options.” The earliest at which you can collect is called your reduced benefit at age 62. Your “Full Retirement age” option (which is between 66 and 67 depending on when you were born), and what is called your “maximum benefit” (at age 70). Before making this incredibly important life decision, many clients are confused about which option is best. Concerns vary from “How do I get the most money” to “Why wouldn't I take it now.” The answers vary immensely. Depending on someone's current working situation, their health, their family situation, and what's important to them the optimal claiming option will vary.

Deciding when someone should take social security can be very confusing. Making the wrong choice can affect both those who claimed benefits and their family. In these conversations, we have come across many individuals who clearly state, “I wish I would've come here sooner”. To us, this is like hearing nails on a chalkboard. Immediately everyone in the room is aware this person, and potentially their family, may have missed out at least financially. Unfortunately, these mistakes are usually permanent.