The Setup:

Are you nearing retirement and thinking about how and when you’ll claim Social Security? It can be as simple as visiting your local Social Security Administration office and filling out the paperwork, but can they also help you decide which strategy to use? That’s the next topic in a four-part series on the top misunderstandings with Social Security.

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The Combination and Key Points: 

When it comes time for you to claim Social Security, have you thought about how that process would play out? Will you go to the Social Security Administration and file the necessary paperwork? Do you expect them to help you with strategies that maximize your benefits?

This is the next misunderstanding we want to discuss on Unlocking Your Financial Future. This is part three of a four-part series on the top Social Security misunderstandings, and we’ll talk about how to handle your claim when the time comes.

Ben Schrock, who is NSSA certified, has helped many clients claim benefits and will share that process on this episode.

Let’s begin with the main misunderstanding, which is the Social Security Administration can help you choose the best claiming strategy for yourself. Many people assume that the office will help you make the best decision for your situation and help you understand the options available to you, but you have to remember that they aren’t licensed to provide investment guidance. They’ll help you get signed up, but you can’t expect service beyond that.

2:40 – Can the Social Security Administration help you choose the best claiming strategy for yourself?

4:16 – What will the SSA actually do for you when you go down to the office?

So what should you do when it comes time to claim your benefits? Well, working with an advisor is a great starting point. Finding someone that can sit down and examine your portfolio and determine which route is best for you will give you peace of mind. That’s something we do in our office, and Ben’s will walk you through that process on this show.

One strategy that we often discuss with clients is how to use the restarted application, which is an option for people born before a certain date. But there are other considerations to make and Ben explains some of those here.

6:04 – What are some of the key strategies you consider when working with clients on Social Security?

7:40 – Here’s how the process of claiming works in our office.

8:33 – Remember that everyone is different so the SSA won’t know your complete picture. That’s where an advisor can help.

We wrap up this episode with a Getting to Know You question for Ben to learn more about him away from the office. Today’s question is what’s the furthest you’ve ever traveled from home? Hear his answer on the show.

10:09 – Getting to Know Ben: What’s the furthest you’ve ever been from home?

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!



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What Age Should You Claim Social Security?