Posted on August 18, 2017 in

How Can Social Security Benefit Your Financial Plan?

When planning your retirement, it’s always important to factor social security benefits into your long term financial plan. Married and divorced people have options available that might help retirement income.

So how does financial planning go hand in hand with social security benefits? CPS Investments Advisors CFO, Jim Luffman, says “Depending on your income sources and retirement savings in retirement, your social security benefits can either be a small financial planning factor, a large financial planning factor or your only financial planning factor. Hopefully, you will have other income sources, significant retirement assets, as social security benefits only play a small part.”

Keep in mind, if you want to continue a certain lifestyle when you retire, social security might not meet that standard alone. But, if you have a good retirement source, like a 401(k) or other investments, social security benefits could serve as a bonus once bills and necessities are paid. A portion of those benefits could also be used for additional investments, which will generate more revenue.

CPS Advisor, Rick Bernard, has this discussion with many clients. “Social security benefits can be an important part of a retirement plan. Understanding the applicability of benefits to a person’s family situation is necessary when estimating future benefits and planning how to fill the income gap if social security is insufficient.”

A financial advisor, who is a fiduciary, can always guide you when in doubt on how to plan the best path to retirement. We also want to encourage you to call your local social security office to find out your “full age retirement” and projected income. If you have a financial planning question or a topic you would like to know more about, email us at