Ashland CPA Explains How To Plan For Social Security Election
Options You Need To Know About
ASHLAND, KY. - Social Security is complicated, and retirees cannot rely on conventional wisdom. Simplistic “rules” such as filing for early benefits are not always true. What’s more, some specific situations can even break every rule of thumb. One-size-fits-all answers leave many couples and retirees failing to tap-into the full benefits they’ve earned. Local CPA and tax professional, Ernest P. Sharp, II explains.
“Four primary strategies are used when electing to take Social Security,” Sharp said. “Filing options include “early filing,” “standard filing,” “delayed filing,” “file and suspend,” and more than 16 combinations of these for married couples. Each method offers a different cash flow. By using the cash flows and the time value of money, you can find what method is best for you.”
The best strategy for a given individual or couple depends on historical earnings, marital status, work during retirement, longevity and rates of return. The choice alone could be worth $250,000 or more. This is why careful study of each option is so important.
“Planning for Social Security shouldn’t be considered optional. It’s necessary,” Sharp concluded. “For the less well-off, Social Security can dictate lifestyle during retirement. Proper planning could well determine what folks can afford to eat and do during retired life.”
Ernest P. Sharp, II CPA offers tax services to individuals and small businesses. He enjoys helping individuals and families save money on taxes. Give him a call (606) 324-5655, email firstname.lastname@example.org or visit his website http://ashlandkycpa.com
- Contact Information
- Ernest P. Sharp, CPA
- Business Owner
- Ernest P. Sharp, II CPA
- (1) (606) 324-5655
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