Without even realizing it, you could be missing out on your Social Security Benefits. Having a Financial Plan and understanding the specifics of Your Social Security Benefits will arm you with the necessary knowledge to make better decisions on when to take your benefits.

How Work Affects Your Benefits PDF:

Working with a CFP® professional can be an important step toward reaching your financial goals. Not only do these advisors meet rigorous education and experience requirements, but they are also held to some of the highest ethical and professional standards in the industry.

Education
CFP® professionals must master nearly 100 integrated financial planning topics, including:

– Investment planning
– Tax planning
– retirement planning
– Estate planning
– Insurance planning
– Financial management

In addition to completing a comprehensive financial planning curriculum approved by the CFP Board, or equivalent academic coursework, CFP® professionals are required to complete continuing education coursework, including a CFP Board approved code of ethics course, to ensure their competence in financial planning.

Examination
CFP® candidates must pass a comprehensive 6-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. The exam is notoriously difficult and only 64% of people who took the exam in 2017 passed. Based on regular research of what planners do, the exam covers:

Establishing and defining the Client-Planner relationship
Gathering information necessary to fulfill the engagement
Analyzing and evaluating the client’s current financial status
Developing recommendations
Communicating recommendations
Implementing recommendations
Monitoring the recommendations
Practicing within professional and regulatory standards

Experience
CFP® professionals must have a minimum of three years experience in the personal financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge.

Ethics
As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.

This video discusses fixed income investing and utilizes the 10 year U.S. treasury as a general representative fixed income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed income assets. Other types of fixed income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.

Do you need a retirement plan beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177 or fill out this form for a free consultation: …(read more)

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Social Security benefits are a crucial source of income for many Americans, especially in their retirement years. Unfortunately, many people are unaware of certain factors that can result in a loss of benefits. Whether it’s due to lack of information or simple oversight, here are three ways you could be losing out on Social Security benefits.

1. Not maximizing your earnings
One of the most common reasons for losing Social Security benefits is not maximizing your earnings. Social Security benefits are calculated based on your highest 35 years of earnings. If you haven’t worked for 35 years, or if you’ve had low earnings for some of those years, it can significantly reduce your benefit amount. To maximize your earnings and prevent losing out on benefits, consider working longer and increasing your income during those years.

Additionally, if you’re currently employed, it’s important to ensure that your income is accurately reported to the Social Security Administration. This includes reporting all your income, including bonuses, commissions, and other forms of compensation. Failing to report your full income could result in a lower benefit amount when you retire.

2. Filing for benefits too early
Another way to lose Social Security benefits is by filing for them too early. While you can start receiving Social Security benefits as early as age 62, doing so will result in a reduced benefit amount. For every year before your full retirement age that you start receiving benefits, your monthly benefit amount will be reduced. On the other hand, if you wait until after your full retirement age to file for benefits, your monthly benefit amount will increase.

It’s important to carefully consider the best time to file for Social Security benefits. By filing too early, you could be losing out on a significant amount of money over the course of your retirement years.

3. Not understanding the rules for spousal benefits
For married individuals, there are specific rules regarding spousal benefits that can impact your overall Social Security benefits. If you’re married, divorced, or widowed, it’s important to understand the rules for spousal benefits in order to maximize your benefits.

For example, a spouse who has little or no work history may be eligible for spousal benefits based on their partner’s earnings record. Additionally, divorced individuals may be eligible for benefits based on their ex-spouse’s earnings history, as long as certain criteria are met.

Failing to understand the rules for spousal benefits could result in a loss of potential benefits. It’s crucial to do thorough research or seek advice from a financial advisor to ensure you’re not missing out on any benefits you may be entitled to.

In conclusion, there are several ways you could be losing out on Social Security benefits. By maximizing your earnings, making informed decisions about when to file for benefits, and understanding the rules for spousal benefits, you can ensure that you’re receiving the full amount of benefits you’re entitled to. Don’t let simple oversights or lack of information cost you money in the long run. Take the time to educate yourself about your Social Security benefits and make the necessary adjustments to protect your financial future.