Social Security Optimization (SSO) is a planning strategy that aims to produce a fortified income plan funded with the least possible amount of retirement capital. The goal is to help clients minimize their risk of running out of income while managing the impact of taxes and other expenses and, where possible, making more capital available for legacy and philanthropy.

It is no secret that many Americans are ill prepared for retirement (excluding our clients, of course). With the continued disappearance of defined-benefit pension plans (apart from public sector employees), inadequate savings, and low interest rates, people are depending on Social Security now more than ever before. Despite these facts, billions of dollars in lifetime benefits are lost each year because retirees make uninformed decisions about claiming Social Security benefits. This white paper will discuss various concepts to consider in order to help maximize lifetime Social Security benefits.

Regardless of whether you feel Social Security will be a major factor in your retirement or not, leaving money on the table is not an ideal strategy. According to the Annual Statistical Supplement to the Social Security Bulletin, about 70% of all retired workers started taking benefits before their normal retirement age. For some it was the correct decision, but for most, claiming benefits early will result in the forfeiture of tens, if not hundreds of thousands of dollars over their lifetime.