What is the process to get a SS Analysis? To clarify right up front, there is no need for your SS# or any other identifying/sensitive information. Once you schedule or request an appointment, we will have a brief call or video meeting. We will discuss your overall retirement, desired age to stop working, other assets you may have for income, goals and wishes. I will need to get a copy of your lifetime SS earning record by year, or your retirement age PIA amount, depending on your age and current work status, as well as martial status. Neither of those have any identifying information. We will set up a video call or meeting within the next week, or as soon as can be scheduled, to review your results, answer questions, and view various what-if scenarios. A copy of your analysis will be provided to you after our presentation meeting for your records and planning.
How is the SS Analysis any different than just getting information from my SS Statement or the SS Office? Neither of those sources provide any analysis or advice. In fact, the SS office is not allowed to provide any advice or suggestions. All they can do is tell you your current benefit, and if you'd like to file for it...that's it. Your statement only tells you the projected amount of benefit at a certain age. The analysis is focused on optimizing your lifetime income and safety when analyzing thousands of filing scenarios against your other assets and income sources, as well as your goals, needs, and values. A married couple, and those widowed or divorced have even more complexity to consider.
Isn't the SS decision pretty easy, if you take it early you get less, you wait longer you get more....how hard is this? The filing decision is truly a Million dollar decision, and it has lifetime implications well beyond the monthly benefit. It needs to be made with the same careful, thoughtful consideration you would make with any lifetime Million dollar decision. In retirement we are planning and managing for longevity, optimizing lifetime income, and minimizing risks. The SS filing decision becomes the basis for which the rest of the financial and risk planning is built upon. The key is identifying the optimal strategy, not necessarily the biggest benefit. The optimal strategy takes in consideration the lifetime tax implications, the use, stress, and growth of your other assets, addressing your short and long term financial needs, the implications of death of the first spouse, etc. There are thousands of filing strategies, the wrong ones can cost you Hundreds of Thousands of dollars in lifetime income, the right ones can mean a thriving, successful retirement. The analysis allows you to see the implications so you can make an informed decision.
When is the right time to address the SS filing strategy? I assumed I would do that when I'm ready to file. Your SS filing decisions are the basis of a successful and optimized retirement income plan. Addressing the optimized strategy answers so many other retirement questions people are typically struggling with....such as when can I/we retire, how much money will we need, what assets do we spend first, how do we save taxes now and in the future, how do we maximize our income, how do we know we won't run out of money....etc. The SS strategy becomes the foundation by which most other decisions are then strategically addressed. The problem is, most people, and financial professionals, approach it backwards, they save and retire and then try to figure when to file, or make bad decisions about when to file due to a lack of reliable information and analysis. I've seen too many people miss out on years of additional income, or have sentenced themselves or their spouse to very difficult financial circumstances in old age or when one spouse passes away, simply because they made uninformed decisions. I prefer to see the retirement income planning start anywhere between 5-10 years out from actual retirement, and it always starts with SS planning. On that note, it's never too late to integrate the right filing strategy. Even if you've already filed, but under age 70, you still have options.
What is the analysis? What does it look like, how long is it, what does it tell me? I actually provide 2 different SS reports, both excellent in the information and analysis they provide. One is more interactive and accessible in a presentation, with great graphics and the ability to illustrate the impact of making small adjustments to many retirement variables, not just the filing decisions. It can show the impact on taxes, asset growth, Roth conversions, etc. The other report does not provide the breadth of graphics, variability or impact on other resources, but is exhaustive in its detail of straight SS income and "what-if" scenarios. The second report is typically 40 or more pages long. I plan on posting a video showing the output of each report and how they can be used.
What information is needed from me and how do I know it is kept confidential? The only information needed for the basic analysis is your birthdate(s) and lifetime earnings records you can download or copy from your accounts on the Social Security Administrations website. This information is only earnings by year with no SS# or other identifying information. In our initial preparation call/mtg, I will ask about other financial resources you will be using for your retirement, as the analysis weighs out the filing strategies when considering the utilization and timing of other income sources. Only basic amounts and types are requested, no actual account information. All information is kept in strictest of confidence, email is encrypted, and no personally identifying information is asked for or needed.
This is free...what's the catch? There is no catch, cost, or obligation. You can read more about me in "About", but I am dedicated to financial education and helping others. I have found it very gratifying to help others and give away as much as I can. I love solving the Social Security puzzle and the profound impact it has on retirement success. In return, I have found some people find so much value in the process and relationship they choose to continue to work with me on other aspects of their retirement and financial needs. Some do, some don't...either way it's a win-win, you get a valuable report that can significantly impact your retirement success, I get to help others, make friends, and sometimes get new clients.
Are you selling or pitching other products while we work together, is there any sales pressure? No products or services are offered on this site or through our process of preparing and delivering your SS Analysis, other than the free analysis. No sales, no pressure. If you like the process and working with me, and you feel there is some value in us meeting again to discuss other aspects of your retirement or finances, we can schedule that, but there is no expectation or pressure for you to continue outside of the free analysis. If we do schedule any additional meetings or services, they will be done through my private practice of Person Centered Financial, LLC. Myssadvisor is used solely for providing free Social Security information, education, and analysis.
What is the wait time to get on the list for the analysis? Good question, it all depends on volume. I do have to do other activities and processes to take care of my clients, and I can only do so many free analyses in a week or month. There are times when there may be a waiting list due to volume, but I will clarify that with you when you contact me through the site requesting a meeting or call. If the waiting list begins to approach more than a month, I will post that on the website.