Category: Social Security

Tactical Social Security Planning for High Net-Worth Individuals

As you approach retirement, understanding the impact of Social Security becomes a significant piece of an already complex puzzle known as retirement planning. For affluent individuals, the challenge isn’t just about choosing when to start benefits but also knowing how those choices impact your taxes and retirement income.  You might be wondering:  When is the best time to claim benefits?  How will this affect my taxable income?  Should my spouse and I coordinate our claims?  Are there tactical planning tips […]   Read More
Date: May 13, 2024

Smart Social Security Facts: Your Guide to Tax Planning for 2024

Most people we are talking to about their plans for a comfortable, secure retirement have serious concerns about inflation and a potential recession in 2024. When they added the complexities of Social Security’s eligibility requirements, planning for the future became even more complicated. They want to make the right decisions to maximize their after-tax lifetime benefits.   Social Security may or may not produce a meaningful monthly income for you. But, at a minimum, it extends the life of your other […]   Read More
Date: October 23, 2023

The Ultimate Guide to Understanding Your Social Security Benefits

Understanding how to manage your Social Security benefits is crucial to your overall retirement planning success as you approach retirement. As the owner of a Registered Investment Advisory firm in Woodbridge, CT, and a fiduciary financial advisor, I get to help individuals prepare for a successful retirement by answering questions such as: When should I start taking Social Security benefits? Can I still work while collecting Social Security? Will my Social Security benefits be taxed? How do withdrawals from retirement […]   Read More
Date: August 23, 2023

How Will Social Security Change in 2023?

The Social Security Administration (SSA) has announced that there will be several changes to benefits in 2023. According to them, these changes are necessary for ensuring the program’s long-term stability.  In this blog post, I’ll take a closer look at what the changes may entail—and how they could affect (even affluent) investors. I may share more insights in the coming weeks, as well. Please explore these issues with us:  Social Security’s 2023 COLA summarized Taking benefits early vs. waiting for […]   Read More
Date: December 22, 2022

Retirement Planning: Will Social Security Really Go Broke?

The way people talk when discussing retirement planning, it sounds like a foregone conclusion. However, despite what you hear, Social Security probably isn’t going anywhere. Click here to view my recent video about the viability of Social Security. As a matter of fact, the Social Security Trust Fund is already at zero (even though some say it won’t reach that point for a few years): Our government has already borrowed trillions from it.  Believe it or not, you can still […]   Read More
Date: April 4, 2022

Why Karen’s Decision About Social Security is Just Plain Wrong

Your golden years can be a wonderful time in your life. You can enjoy the fruits of decades of labor, and prudent investing. Your retirement income is greatly determined by your savings, investing, pensions and other retirement savings. Social security is also a major determinant of your retirement income, and therefore, your standard of living as a retiree. But, before you begin taking social security, consider the pitfalls of taking it too early! “Karen” is a friend of a client […]   Read More
Date: January 10, 2022

7 Social Security Strategies Following the Pandemic

The past year has been one of unprecedented upheaval, but now, as we transition to a new normal, it’s time to take a fresh look at our finances. If you are approaching or have reached retirement age, this process should include reassessing your Social Security strategy for the post-pandemic world. Social Security is a major element of most retirement plans; so much in fact that at Heritage Capital, we’ve created this new guide: Understanding Social Security. However, as we move […]   Read More
Date: June 22, 2021

Your FRA and What It Means to Your Finances

When it comes to retirement, knowing your Full Retirement Age, or FRA, is just as vital as knowing your Social Security number and your birthdate – that “magic number” determines when you can start taking your full Social Security benefits, how much you’ll receive, and ultimately, how much money you’ll have in retirement. While Social Security likely won’t supply the bulk of your retirement income, especially for those planning a high net worth retirement, your benefits will play a crucial […]   Read More
Date: April 5, 2021

Heritage Capital Warns: 5 Common Mistakes Made with Social Security

Social Security is a cornerstone element in many retirement plans. It’s also a complex beast, and inattention to details can lead to costly mistakes. Planning how and when to claim your Social Security benefits should start well before age 62, the first year you can receive payments. By starting early and understanding all of your options, you’ll be better positioned to extract the maximum value from your Social Security benefits. While Social Security won’t be your only source of income […]   Read More