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Social Security Planning

Social Security Planning

social security planning

You have heard about the importance of social security planning practically from the time you got your first job. Now that several years or even decades have passed, you realize the time has come to get serious about it.

Like many people, you may have put it off because you feel confused and overwhelmed about all the information out there. Macino Financial Services provides honest straightforward advice in a manner that takes your unique circumstances into account.

Common Social Security Planning Mistakes

As someone who has worked in the financial services industry for over a decade, David Macino has witnessed people make dozens of mistakes with social security planning. Three of the most common include:

  1. Failing to check the annual earnings statement for accuracy: This is critical because an error in income reporting under your social security number could reduce your benefits for the duration of your retirement. People often overlook the importance of this step because social security statements are no longer mailed. However, you can retrieve one by creating an account on the Social Security Administration website and following the prompts.
  2. Not understanding the true value of social security earnings: The rumor has circulated for years that the social security fund will simply run out of money one day and that people should not depend on it for retirement income. Our research indicates it will remain viable until at least 2037. That means current retirees and anyone who plans to retire in the next 20 years can and should depend on it as a guaranteed monthly income stream.
  3. Taking social security benefits too early: You have paid into social security for years and want to cash in as soon as you can. However, starting social security at 62 or even 65 is often a mistake and the decisions should be made with proper analysis. If you are healthy enough to continue working past 66 or until age 70, your monthly payout could be as much as one-third higher than if you decided to collect at an earlier age.

We want what is best for our clients, including helping you avoid common social security planning mistakes. By taking the time to meet with David or his team at MFS now, you can enjoy your retirement years to the fullest and see for yourself about being a social security millionaire.

Retirement. Your vision. Our passion.

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Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Macino Financial Services are independent of each other. For a complete description of investment risks, fees and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from your Investment Advisor Representative or by contacting Virtue Capital Management. 

The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. 

Information provided is not intended as tax or legal advice, and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.

Macino Financial Services and/or David Macino are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Fiduciary duty extends solely to investment advisory advice and does not extend to other activities such as insurance product sales, including annuities, life insurance, and long term care insurance or broker dealer services. Advisory clients are charged a monthly fee for assets under management while insurance products pay a commission, which may result in a conflict of interest regarding compensation. IAR is also a licensed insurance agent. In this capacity, IAR may offer fixed life insurance products and receive normal and customary commissions. The client is under no obligation to purchase products through IAR on a commissionable basis. In addition, IAR may receive other compensation such as fixed or variable life trails. The potential for receipt of commissions and other compensation when IAR acts as an insurance agent may give IAR an incentive to recommend insurance products based on the compensation received.

 Index or fixed annuities are not designed for short term investments and may be subject to caps, restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.

Investment advisory services are offered through Virtue Capital Management, an SEC Registered Investment Advisor. Macino Financial and VCM are independent of each other. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability.All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions or withdrawals may significantly alter a portfolio’s performance. There is no guarantee that any specific investment or strategy will be suitable or profitable for a particular client. Past performance is no guarantee of future success. We cannot guarantee that a portfolio will match or outperform any particular benchmark. None of the content should be viewed as an offer to buy or sell, or as a solicitation of an offer to buy or sell the securities discussed. Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.