Planning for your retirement can be a complex process. However, you may view one aspect of it as relatively straightforward: Social Security. You reach retirement age and start collecting; it's as simple as that, right?

Well, not exactly. Yes, you can begin to collect benefits as soon as you become eligible (62 years old), yet given that experts estimate that Social Security only covers roughly 40% of a retiree's income needs, having a plan to maximize these funds is vital. We at HPK Provident Advisors can provide you with that.

Formulating Your Social Security Strategy 

While there may be scenarios where opting in to Social Security benefits early is your best option, this isn't a decision you want to make without expert input. Several factors should go into your customized Social Security benefit strategy, such as: 

• Your health
• Your work history
• Your marital status

Indeed, understanding what your spousal dependent and survivor benefits might be should go into determining your plans. Discussing how these many factors will impact what your eligible benefit might be could reveal a plethora in tax and benefits savings should your best option be to wait to begin receiving benefits until around 70 (the latest age at which benefits payments can start being collected).

Make the Most of What You've Put In

Given the many years you've spent (and will continue to spend) paying into Social Security, why not tailor your financial strategy to optimize your return when the time comes to begin collecting that benefit? Let us here at HPK Provident Advisors show you how. To learn more about your potential future benefits, give us a call at 724.463.1331 (or toll-free at 833.HPK.PLAN (475.7526), or enter your information into our convenient online contact form.