Social Security Strategies to Discuss with a Financial Professional SHP Financial

Everyone’s financial situation is different. Loan status, job situation, and the age of your kids all significantly impact your financial situation as you approach retirement. When it comes to Social Security there are a lot of different factors to consider, and the right path forward may not be apparent to you. Just because someone else made a similar financial move that worked doesn’t mean it will work for you. That’s why counseling with a financial professional can help you find clarity in your financial situation. Here are just a few things that you may want to discuss with your financial advisor: 

1: Deciding when to claim Social Security

This is the most important part of claiming Social Security benefits. It’s also the most difficult to determine. Knowing the optimal time to claim requires a firm understanding of how Social Security is calculated and what your needs will be going into retirement.[1]

2: Understanding how Social Security is calculated

There are many rules to how Social Security is calculated. It changes based on your birth year, when you decide to claim, and many other rules.[1] The payouts are also adjusted yearly based on inflation.[2] Being aware of these factors can help you calculate the best time to claim your benefits.

3: Don’t forget that Social Security is taxed!

Social Security is taxed as income.[1] This means that the government considers Social Security part of your yearly income and will tax it as such. Don’t forget that when you construct your projected take-home income!

4: Consider the role of work in your retirement

Working during your retirement may be something you want to do, or it may be something you need to do. Either way, working can be an essential piece of your retirement plan. Working can also affect your Social Security payouts, so make sure you’re aware of how working will affect your Social Security.[1]

5: How to plan for YOU

It can be easy to go along with what everyone else is doing, especially if you’re unsure about what you’re supposed to do. Social Security is a difficult topic, so you may just defer to generic advice you find online. It’s not impossible that generic advice can have value, but chances are, it doesn’t perfectly address the complexities of your unique situation. If you realize there’s more to Social Security than you thought, Click HERE to reach out to one of our professionals today at SHP Financial for a complimentary review of your finances.


The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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