Social Security Planning: Your Retirement Income Foundation
When it comes to retirement, many folks think first about their savings, their home, or their land.
But here’s the truth: your largest income-producing asset over the next 20 to 30 years may very well be your Social Security benefit. And how you choose to claim those benefits—when and how—is one of the most important financial decisions you will make. The right strategy can add tens of thousands of dollars in lifetime income. The wrong one can leave you with gaps you can’t easily recover from.
Social Security is not a “one-size-fits-all” program. The right claiming strategy depends heavily on your life stage and marital history:
Married couples can coordinate benefits to maximize lifetime household income and protect survivor benefits.
Divorced individuals may be eligible for spousal benefits based on an ex-spouse’s record—many people miss this entirely.
Widows and widowers must carefully choose the timing of switching between survivor and personal benefits to avoid locking in lower payments.
Single retirees need to be especially mindful of how to coordinate their filing date with their other retirement income streams, so they don’t outlive their money.
Social Security is also one of the few guaranteed, inflation-adjusted income sources you will have in retirement. It’s vital to treat it like an investment decision—strategically. We help you think through this decision with your whole financial picture in mind: land income, farm or ranch assets, IRAs, pensions, annuities, rental income, or savings. And for rural retirees, who often have a blend of income sources, making the most of your Social Security can mean having far greater stability in your later years.