In order to make your ride into the sunset of retirement as enjoyable as possible, you need to have a financial plan that includes understanding when to apply for social security retirement benefits.
SOCIAL SECURITY PLANNING
Before you apply for retirement benefits, we provide an analysis that, considering your projected longevity and financial capabilities, will detail the exact month in which you should begin your social security retirement benefits. Determining the best start date is complicated and making the wrong choice can reduce your overall benefit by thousands of dollars.
Retirement benefits are based on the best 35 years of your earnings history after indexing for inflation. If you have ever been married, your health and life expectancy, if your are still working, and financial need are some of the factors we consider to determine the optimal starting point. Our analysis provides the optimal starting point and compares it to your preferences; enabling you to make informed decisions.
If you are self employed and have several years of work ahead of you, there is good news. With planning you can control the amount of social security taxes you pay during your remaining working years and thereby customize the amount of the monthly retirement check you will get when you retire. Basically, optimizing your social security benefit to get the best return on taxes you pay. To accomplish this we recommend business owners consult with us in their early to mid 50s.
​
FINANCIAL PLANNING
Understanding your social security retirement benefit is the first step in developing a financial plan.
​​
If you own a business, the next step is knowing the value of your business. Schulte & Company can tell you what your business is worth, help develop an exit strategy, and tell how to improve the value before your planned exit. See the Business Valuation page of this website.
​
With a good understanding of what social security will mean for you and knowing the value of your business, the final step is to value anything else of you own, quantify amounts you owe, and compare to your goals. We then will work with preferred money managers to finish your financial plan; providing you a financial road map to meet your retirement plans and life goals.
Click here for a client experience on how we helped their Bottom Line with Social Security Planning.