Fort Lauderdale, FL– March 7, 2018 – Grant Conness and A. Montgomery Costa, Co-Founders of Global Wealth Management, a Fort Lauderdale-based financial planning firm, recently published an article on their website entitled “Social Security at Age 62 or 70?”
Social Security benefits are something that many Americans depend on each month. In fact, it is one of America’s most important social programs.
Of course, many Social Security beneficiaries are also retirees and rely on these benefits for a sizeable percentage of their monthly income. Yet, a full understanding of Social Security is still somewhat elusive for a portion of this group.
Conness and Costa say in this article that one of Social Security’s biggest dilemmas is the age at which one should retire and begin taking these benefits. Specifically, because there is a financial incentive for waiting longer—beyond the allowable start age of 62. They explain, “if you claim your benefits at 62, you will be accepting up to a 30% permanent reduction in your monthly payout. If you wait until age 70, you can boost your payout by up to 32%.”
However, they also caution that waiting until age 70 doesn’t necessarily always make the most sense. The duo adds, “It would seem then, that claiming Social Security at the age of 70 is the smart move, right? Well, it may maximize your monthly payout, but it might not always be in your best interest, depending on your circumstances.”
The remainder of the article discusses this choice even further, going deeper into additional pros and cons. Yet, the crux of the piece finds that this question – or the answer to this question – is really a personal, or individual, matter that should be considered on a case-by-case basis.
The full article can be found here: https://askglobalwealth.com/social-security-at-age-62-or-70/.
About Global Wealth Management (GWM):
Global Wealth Management (GWM) is an independent Fort Lauderdale-based investment management firm that specializes in retirement income and estate planning strategies for individuals and families planning for and living in retirement. Led by financial co-authors, radio talk show hosts and financial advisors A. Montgomery Costa and C. Grant Conness, the firm caters to a wide array of clients in South Florida and throughout the nation. Services provided by GWM include private asset management investments, retirement income planning, asset protection, income tax minimization strategies, risk management, guaranteed income solutions and alternative investments. GWM’s main office is located at 2810 East Oakland Park Boulevard, Suite 101, in Fort Lauderdale, FL, with convenient meeting locations by appointment only in Boca Raton, FL and Coral Gables, FL. For more information, call (954) 533-7144 or visit www.askglobalwealth.com.
To learn more about Grant Conness, A. Montgomery Costa, Amber Kelly and Global Wealth Management, please visit http://www.askglobalwealth.com
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Advisory services offered only by duly registered individuals through Global Wealth Management Investment Advisory (GWM), a Registered Investment Advisor. MAS and GWM are not affiliated entities. Investing involves risk, including the potential loss of principal. Any references to guaranteed lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Global Wealth Management is not affiliated with the U.S. government or any governmental agency.