When you retire, several sources of income will likely makeup your income. The decisions, for example when to begin Social Security Benefits will impact your lifetime income. There are several strategies and financial products available to help you create lifetime income you cannot outlive.
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Social Security has made major changes in claiming options
For years, many applying for Social Security benefits have been able to take advantage of filing strategies to maximize their lifetime benefit. However, the changes made in the 2015 budget could impact your retirement plan due to several filing options being eliminated. Sadly, many Americans are not even aware of these changes.
Under old rules, individuals could take advantage of file and suspend to maximize their benefits. However, the change in the 2015 budget has eliminated this option. How could this impact you? If you, as part of your retirement plan, intended to utilize the file and suspend filing strategy, it will not be available. The elimination of this filing option is likely to significantly impact your income projections.
There were other changes which you can read about here in an article written by Laurence Kotlikoff, one of the authors of "Get What's Yours - The Secrets to Maxing Out Your Social Security". I recommend this book however, a updated version of the book is slated for May 3, 2016 which will feature the new changes.
What does this mean for your retirement plan?
You will want to review your plan and determine how the changes in Social Security filing rules will impact your plan. If you planned to use the file and suspend strategy, you will defiantly need to review your plan.
The elimination of valuable Social Security Filing Strategies will shift focus on creating additional income from other sources such as retirement savings or any other savings earmarked for retirement. There are several videos on this page that illustrate how you can turn savings into lifetime income sources. Annuities are often misunderstood products yet when you learn how powerful they can be in an overall retirement strategy, many discover they like what annuities can do for there retirement income.
How to create your own Personal Pension Plan video
Most retirees are not prepared for the income loss they will face during retirement.
Social security and 401(k)s will most likely not be enough to sustain the lifestyle you have become accustomed to. Developing your own personal pension plan will help you overcome these challenges.
Learn The Basics : Fixed Indexed Annuities
Learn how fixed index annuities work and provide the following benefits... safety, a reasonable rate of return, accumulation, and income you cannot outlive regardless of age.
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to download a report explaining annuities and how they can stimulate growth and preserve wealth.
If you are ready to create or update an Income Strategy click the button below and complete the contact form. If you prefer, you can call 574-516-6931.
Neither Integrated Planning Solutions nor its representatives offer legal or tax advice. The information contained on this page is for informational purposes only and should not be relied upon for tax or legal advice. Consult with your legal or tax adviser regarding your individual situation before making any tax or legal related decisions.