Financial advisor Don Dirren recently discussed how to maximize social security benefits.
The time leading up to retirement can be stressful. The questions regarding finances and uncertainty about financial preparation can be especially anxiety-inducing. Fortunately, financial experts like Don Dirren are available to help. Dirren recently discussed how to maximize your Social Security benefits, so you can live more comfortably in your retirement years.
“If you’re not maximizing your Social Security benefits, you’re missing out,” Don Dirren said. “You put this money into the system, and you deserve the maximum benefits coming out.”
Don Dirren added that some Social Security Administration representatives may supply you with incorrect information, which could lead to fewer benefits for you. He added that retirees need to be proactive because the Social Security Administration is unlikely to explain all of the benefits for which you are eligible. He explained that benefits can vary greatly based on your personal situation, and you don’t want to miss out on where you could be taking advantage.
“My first piece of advice is not to take what the Social Security Administration says at face value,” Don Dirren said. “It’s unfortunate I have to say that. However, Social Security Administration workers are typically worn out and undertrained. This can lead to giving incorrect information.”
Don Dirren suggested speaking with a qualified financial advisor specializing in retirement planning instead. He added that receiving incorrect information could cost you thousands of dollars in benefits, and that’s money you could be using to enjoy your golden years. Don Dirren added that many mistakes made when setting up your benefits plan can not be reversed.
“I also recommend, if you have the opportunity, to suspend your Social Security benefits,” Don Dirren said. “Citizens who are full retirement age can suspend these benefits until they’re truly ready to retire or until they need them. This boosts future benefits drastically.”
Don Dirren added that when you suspend Social Security benefits, you do not have to repay any benefits you’ve already received. Additionally, Don Dirren stated that a major part of ensuring you receive maximum benefits is through a quality claiming strategy. However, he explained that it’s important to address how the claiming strategy will affect your family members as well. Dependent child benefits, spousal benefits, and more can be used to boost your overall benefits.
“A financial advisor can help you determine how to receive the most possible benefits without sacrificing the benefits of your loved ones,” Don Dirren said. “The Social Security system can be stressful to navigate, but someone with years of experience in retirement planning can make all the difference.”