As more baby boomers near retirement the topic of Social Security planning is becoming more prevalent in financial publications like the Wall Street Journal and magazines.  Simply put, Social Security planning is evaluating your specific situation to determine the best course of action to take with benefits to meet your goals during retirement.  If your goal is to maximize the family income received from the Social Security system, there are a growing number of resources available to help.

An article from Monday, September 9th in the Wall Street Journal found HEREmentions five online programs that offer the ability to generate customized scenarios.  These various programs offer suggestions on when you and a spouse should file for Social Security benefits in order to maximize your family income given certain assumptions.  Some are offered for free and some require a paid subscription or fee.

So which resource is best?  The best resource is one that 1) looks at your overall financial situation and any opportunities to combine Social Security strategies with tax planning and retirement planning 2) offers different options based on communicated goals and 3) helps you decide which of those options best meets the needs of your family. 

While online resources can be a great start, if you have unanswered questions or need additional guidance, please give us a call.  Paragon Financial Advisors is a fee-onlyregistered investment advisory company located in College Station, Texas.  We offer financial planning and investment management services for clients.

Citation: Tergesen, Ann. “How to Maximize Your Social Security Benefits.” The Wall Street Journal  9 Sep. 2013: R3. Print

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