Social Security Strategy List

Transcription

1 Analysis completed by Joel Harris, AAMS at Summit Financial and Insurance 1 Social Security Strategy List Summit Financial and Insurance Joel Harris, AAMS N. Meridian Street, Ste. 300 Carmel, IN Prepared for Jon Doe and Jane Doe Prepared on August 28, 2014

2 Analysis completed by Joel Harris, AAMS at Summit Financial and Insurance 2 Thank you for extending me the opportunity to analyze your Social Security benefits. Social Security is one of the most important aspects of retirement income planning. This report is designed to give you specific strategies to help you maximize your potential future benefits from Social Security. Social Security claiming strategies is one of the most overlooked details in retirement planning, so today, you took an important step in planning for your future. I hope you find this report to be helpful in your journey. Please feel free to pass along my contact information to friends and family that can benefit from these strategies as well. Securities and Investment Advisory Services offered through Transamerica Financial Advisors, Inc. (TFA) Member FINRA, SIPC, and Registered Investment Advisor. Non-securities products and services are not offered through TFA. Joel Harris is an investment Advisor Representative with Summit Financial and Insurance and is not affiliated with TFA. Strategy List Primary Early Name Details Normal Life Long Life amount of $3,234 in January 2019 at age 70. Jane files a restricted application for spousal benefits only in the estimated amount of $1,225 in January 2019 at Jane switches to benefits based on her earnings record in the estimated amount of $1,663 in January 2023 at age 70. amount of $3,234. amount of $2,396 in September 2014 at age 65 and 8 mos. amount of $950 in February 2015 at age 62 and 1 mos. amount of $2,396. amount of $2,450 in January 2015 at $1,799, $1,031, $1,432,598.87

3 Analysis completed by Joel Harris, AAMS at Summit Financial and Insurance 3 Full Retirement Age Delayed Jon at 66, Jane Spousal then switches to own benefit at 70 Jane Files for benefits early when Jon reaches FRA. amount of $1,260 in January 2019 at amount of $2,450. amount of $3,234 in January 2019 at age 70. amount of $1,663 in January 2023 at age 70. amount of $3,234. amount of $2,450 in January 2015 at Jane files a restricted application for spousal benefits only in the estimated amount of $1,225 in January 2019 at Jane switches to benefits based on her earnings record in the estimated amount of $1,663 in January 2023 at age 70. amount of $2,450. amount of $2,450 in January 2015 at amount of $950 in February 2015 at age 62 and 1 mos. amount of $2,450. $1,051, $1,496, $1,152, $1,740, $1,103, $1,596, $1,039, $1,447, Goals

4 Analysis completed by Joel Harris, AAMS at Summit Financial and Insurance 4 Goal Details Total Total Cumulative Benefits Highest Survivor Benefits Joint Life Maximum Client Maximum Spouse Maximum earnings record in the the estimated survivor benefits in the earnings record in the the estimated survivor benefits in the earnings record in the estimated amount of $3,087 in April 2018 at age 69 and 3 mos. the estimated survivor benefits in the estimated amount of $3,087. Jon files a restricted application for spousal benefits only in the estimated amount of $630 in February 2015 at age 66 and 1 mos. earnings record in the estimated amount of $950 in February 2015 at age 62 and 1 mos. Jon switches to benefits based on his earnings record in the survivor benefits in the earnings record in the the estimated survivor benefits in the $1,196, $1,177, Top Strategies

5 Analysis completed by Joel Harris, AAMS at Summit Financial and Insurance 5 Details amount of $3,234 in January 2019 at age 70. Jane switches to benefits based on her amount of $1,663 in January 2023 at age 70. amount of $3,234. amount of $3,087 in April 2018 at age 69 and 3 mos. Jane switches to benefits based on her amount of $1,663 in January 2023 at age 70. amount of $3,087. amount of $3,071 in March 2018 at age 69 and 2 mos. Jane switches to benefits based on her amount of $1,663 in January 2023 at age 70. amount of $3,071. amount of $3,234 in January 2019 at age 70. Jane switches to benefits based on her amount of $1,462 in January 2021 at age 68. amount of $3,234. amount of $3,234 in January 2019 at age 70. Jane switches to benefits based on her amount of $1,386 in April 2020 at age 67 and 3 mos. amount of $3,234. Total $1,196, $1,195, $1,190, $1,179,843.00

6 Analysis completed by Joel Harris, AAMS at Summit Financial and Insurance 6 Important Disclosure This report is for informational purposes only. All the information provided is based on Social Security rules, benefit calculations, and payout promises of existing Social Security policy at the time this report was printed. The purpose of the report is to educate and give general guidance to help craft a personalized approach to taking Social Security. The Social Security claiming strategy highlighted in this report was generated based on information you provided. That information included estimates of your and, when applicable, your spouse's Primary Insurance Amount, life expectancy(ies), and date(s) of birth. If this information you provided, including your life expectancy projection(s), should prove wrong after the fact, then the primary strategy may not be the best strategy after the fact. Before selecting this or any other claiming strategy, you should analyze and compare it with other scenarios generated by your financial professional. The optimal strategy for a specific client depends, in part, on that client's tradeoff between the goals of maximizing expected lifetime benefits and minimizing the risk of outliving his or her financial assets. As such, it is ultimately the responsibility of the client to carefully consider the primary strategy before adopting it as his, her or their own. This report should be used only as a general guideline and not as the ultimate source of information about Social Security claiming strategies. This report was created using software developed by Social Security Solutions, Inc. Social Security Solutions, Inc. shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to be caused, directly or indirectly, by information contained in this report. This report and the analysis here within are based on certain assumptions selected by the financial professional who produced this report using our software about future economic conditions and events that may not turn out to be correct. The analysis in this report assumes the average wage growth will follow the predictions laid out in 2013 Intermediate, a cost of living adjustment in the amount of 0.0 percent will be given each year in the future, and future dollar amounts are discounted at a rate of 0.0 percent. Social Security Solutions, Inc.is under no obligation to update such written statements if conditions change or unexpected occurrences happen to affect the report afterwards.