Claiming Social Security

Pro Tips Video: Claiming Social Security

A common question we get here at LongSchaefer is when it’s a good time to claim Social Security. It’s a good question, and one that shouldn’t be taken lightly. Check out our LongSchaefer Pro Tips video for a brief overview of the subject, or read our comprehensive breakdown below.

Make Sure to Speak with a Professional

The first and most important thing you should do is consult with a professional. It’s a common misconception that the personnel at the Social Security office will be able to help you make this decision. The fact is, their personnel aren’t trained to advise on that decision, and they won’t be able to effectively help you with your questions. Talking to a professional at LongSchaefer will ensure you make the best decision for your unique situation. Now let’s look at some factors that we’ll consider.

Factors You Should Consider First

If you’re planning on claiming Social Security benefits early, some of the major factors you should consider are:

  • Current Health – If you’re in poor health, taking out Social Security benefits may be the recommended course of action. It all depends on what the prognosis of your health condition is, and whether you need the money to help cover expenses.

  • Mortality in Your Family – If your family has a history of early mortality, especially from the condition you’re suffering from, it’s worth strongly considering taking your Social Security benefits out early.

  • Employment Situation – The primary reason you’ll be taking your Social Security out early is to help cover expenses. If you’re unemployed or not getting enough hours or unemployment benefits, taking out Social Security may be the way to go.

  • Retirement Assets – You should also consider all of your retirement assets before making your decision. Having a comprehensive picture of your savings situation will help you make the best choice for needs.

  • Income Available – You should also look at how much income you have immediately available, as this is probably your most liquid asset.

When you work with LongSchaefer, we’ll look through all of these factors with you, making it as easy as possible to make the right decision.

The Goal of this Analysis

The main goals of taking out your Social Security benefits are:

  • To give you the income you need

  • Maximize benefits

  • Provide you with money you can’t outlive

If you meet all of these needs, it may be time to claim your Social Security benefits.

Consult with LongSchaefer

Before making a major decision like this, it’s best to consult with a professional. For more information and to schedule an appointment with LongSchaefer, contact us today.

"Each person has their own definition of success, our job is really to figure out what that is and help them achieve that."

- Ron Schaefer, CPA/PFS

May 2020 COVID-19 Update

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