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5 considerations for your Social Security strategy

5 considerations for your Social Security strategy

As you prepare to start claiming benefits, be sure to ask yourself these questions.

This year, about 67 million Americans will receive over one trillion dollars in Social Security benefits. If you’re planning to join that total and claim your benefits, timing, strategy and sound decisions can all help you maximize the outcome for your household. When and how you claim, your marital status, your health, and even whether you have dependents can all affect what benefits you receive.

To get the most out of your hard-earned benefits, focus on developing the right plan for you and your family. Doing so could help you enjoy a comfortable retirement.

Where do I start?
Given the complexities involved in claiming benefits, creating a plan of action for Social Security can seem overwhelming. Fortunately, you don’t have to go it alone. Your financial advisor can help you develop an appropriate retirement income strategy based on your individual circumstances – but there are a few key questions you can ask yourself beforehand to jumpstart the conversation.

Five key considerations
Before making any decisions, it’s important to consider the elements of your life that could influence your individualized Social Security strategy. To prepare for your meeting with your advisor, start thinking through these key questions:

When are you planning to retire? Is this date relatively fixed, or is it more flexible?

What will your earnings look like if you continue to work past the age of 62? Would these come from continuing in your current role, or are you considering taking on new or part-time work down the road?

What other sources of income will you have in retirement? In addition to your Social Security benefits, will you be receiving any pension payments, employment income (part-time work) or annuity payouts? What about any business sale proceeds, insurance policies or inheritances? And of course, consider any retirement accounts or additional savings you've built up over the years.

How long do you expect to live? Consider your current health as well as your family history.

What does your family situation look like? Are you single, married or divorced? Do you have any dependents?

As you think through these questions and begin shaping a strategy with your advisor, consider creating a free “My Social Security” account at SSA.gov. Within your account, you can review a statement detailing your estimated benefits as well as explore other resources for developing a sound plan.

Sources: SSA.gov

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

25th Anniversary Gala

Save the Date 25th Anniversary Gala

October 28th | 6:15 pm–10:00 pm
Kennedy Space Center, Atlantis venue

Join us under the space shuttle Atlantis as we celebrate our success over the past 25 years. We couldn’t have made it this far without you! The festivities will include dinner, drinks, live music and dancing, too!

* Invitations will be sent six weeks prior to event with a link to RSVP. Dress will be black tie optional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

From the Desk of Dale Crossley and Evan Shear

From the Desk of Dale Crossley and Evan Shear

We hope you and your family are enjoying a relaxing summer. While there is still time to savor the rest of the season, this coming month marks preparations for a new school year and often prompts families to consider education expenses and planning. With the average cost of a four-year college degree approaching $150,000, we thought it would be helpful to share some helpful articles on education funding. As you review the many tax-free savings and estate planning benefits, there is no one-size-fits-all approach, so we can help you find the best options to suit your financial plan.

A popular education investment account is a 529 plan, a tax-advantaged investment account designed to help families save money for a child’s education. A recent update to the Secure 2.0 Act will soon provide an opportunity to revamp savings by allowing beneficiaries to make tax-free and penalty-free rollovers from 529 plans into a Roth IRA for a portion of the unused funds. This new law helps remove concerns about overfunding a 529 college savings account and ensures that families that save for their child’s education are not later penalized. This article offers important information on the eligibility and requirements of this provision in order to reposition money in a 529 plan in the event it isn't used for education.

Additionally, these education planning resources offer further valuable information on the benefits of a 529 plan, such as which education expenses qualify, how it compares to other savings strategies, and how it can be used as an estate planning tool. In addition, there’s an article on the benefits of using a securities-based line of credit (SBL) instead of student loans.

We hope you find these resources a helpful starting point to further discussions with your planner. Please feel free to contact us for guidance throughout this process and for help examining which options best align with your needs and goals.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

 There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice. Past performance is not a guarantee of future results.

 Raymond James does not provide tax or legal services. As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover college costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 college savings plan. Such benefits include financial aid, scholarship funds and protection from creditors. The tax implications can vary significantly from state to state.

From the Desk of Dale Crossley and Evan Shear

From the Desk of Dale Crossley and Evan Shear

We hope this edition of The Journey finds you and your loved ones well. In light of the calls received over the past several months about the economy and market conditions, we thought it would be helpful to address a few frequently asked questions below. As always, please don’t hesitate to contact us if you have additional questions or needs. We’re always here to help.

Frequently Asked Questions

Question 1: When will we know the market is improving? Is the market improving?

The rainbow appears before the end of the storm. Generally, a bear market is already doing better before good news hits investors. Bear markets follow a pattern and it’s not always easy to identify what stage we’re in.

1. What’s going on? The first indications of a bear market are generally passed off as a bad day or week in the markets. Most investors understand the markets frequently rise and fall and reacting every time the markets dip is futile. Some investors try to take advantage of “bargains” at this time.

2. Bear market! Eventually, it’s obvious a market dip wasn’t just a bad week or few weeks. Panic tends to set in. At this stage, investors realize that taking advantage of “bargains” led to further losses, and the markets won’t rebound until the cause of the crash is no longer an issue.

3. The long haul. After stock prices begin to stabilize, investors recognize that losses will not be recouped overnight. Glimmers of hope occur on occasion, but then optimism is quickly lost. This is the longest period of the bear market, usually lasting several months.

4. The end. Almost nobody recognizes the end of the bear market until after it’s over and stocks are already well into their recovery. So, the rainbow appears before the end of the storm. We just need to find it!

Question 2: Am I better off investing in the stock market when it periodically crashes?

The chart below might help you breathe a little easier as we remain in stage 3 or 4 of a bull market. The chart demonstrates how the S & P since 2007 has outperformed all other types of investments in annualized returns by far, including gold, 10-year treasury note and real estate. Hopefully, this chart provides some welcome perspective and demonstrates the importance of investing for the long term.

Question 3: Is the U.S. dollar going to be replaced as the global currency?

As Michael Lebowitz states in his recent article, The Dollars Death? Not So Fast - Part One, “The old saying goes that the U.S. dollar is the cleanest shirt in the dirty laundry.” There are other currencies out there, but they are simply not suitable at this time. Rumors are plentiful that some other currency is ripe to take the place of the U.S. dollar, particularly the Chinese yuan or bitcoin. Since 1250, the world has used eight different global currencies, with a relatively short history for the U.S. dollar’s reign. The demise of each previous currency came about due to financial mismanagement. Although the U.S. dollar is certainly less stable, due to in large part our amassing trillions in debt, there’s currently no better replacement. Here’s a link to Michael Leibowitz’s full article so you can learn more and view several insightful charts and graphs.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice. Past performance is not a guarantee of future results.

Document Shredding and Food drive

Document shredding and food drive

Clean out your cabinets and drawers of those old documents and bring them to be safely shredded, on site, by the professionals of Shred it™

and enjoy some good food and live music!

When: May 6th

Where: Outside of the Merritt Island office 2395 N. Courtenay Parkway

Time: 11:00am-2:00pm

Please consider bringing a non-perishable food item for our Food Drive to benefit Harvest Time International

Please Donate:

Low sodium canned vegetables - Canned meats - Canned soups - Boxed oatmeal or grits - Canola or olive oil - Peanut butter - Nuts - No sugar added fruit cups - Canned beans - Granola/Protein bars - Pasta - Beans - Rice - Dry powdered milk

Questions please contact

Karin@crossleyshear.com or call 321-452-0061

 

Raymond James is not affiliated with Harvest Time International, Shred-it, or 4th Street Fillin Station.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

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