Podcast | Season 1 | Episode 46

The Description 

If you’re starting to transition into the retirement phase of your life or simply want to learn more about Social Security. Listen to Scott Marks share some critical points regarding filing for Social Security.


Host: Scott Marks, CFP®, CRPC®| Financial Advisor

 Scott truly has a passion for his work. He is willing to go the extra mile to ensure every client is confident with their customized financial plan. When assisting his clients, he prides himself on being accessible, relatable, and transparent. He is particularly adept at helping families establish and pursue their unique financial goals through holistic financial planning.

Scott graduated from Arizona State University with a degree in Supply Chain Management in 2010. Drawn to the finance side of the industry, he began work as a credit analyst in the lending department with Alliance Bank of Arizona.

After four years with the bank, Scott pursued a career as a financial advisor with Merrill Edge. During his time there, Scott provided investment guidance and built effective long-term plans for clients located in all 50 states. He was recognized as a top advisor and attended the Pinnacle Club; a recognition program honoring the top 1% of advisors with the company.

In August of 2016, Scott joined Summit Wealth Group in order to provide a greater scope of wealth management services for clients. Scott is a CERTIFIED FINANCIAL PLANNER Professional and a registered representative with Commonwealth Financial Network® (a registered broker/dealer, member FINRA/SIPC).
 
(719) 633-4033 | 13710 Struthers Road, Suite 115, Colorado Springs, CO 80921
Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network.

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The Transcript 

Stephanie

"Scott Marks, Certified Financial Planner and Financial Advisor at Summit Wealth Group is the host of today's mini episode."

Scott

"Welcome to the Reach Your Summit Podcast. A common question we get here at Summit Wealth Group from our clients is, when should I file for Social Security? It's definitely something we include in every one of our financial plans that we put together for our clients.

And it's something that we always encourage you to think about before going and making a decision. In some ways, making that decision is one of the more important income retirement decisions that you can make. The first thing to consider with Social Security is that it is very much a personalized decision.

There is no one rule that says, Everyone should file at a certain age in many ways. It's tied to whether it be family health history It's tied to whether you have assets to provide additional income in retirement It's also just personal preference as to when you'd like to start receiving that income.

There's a few things to consider the main factors are thinking about What you would get at each individual age and when you would break even between those ages as well. So to expand a little bit on that, as an example, your full retirement age, typically for most people, is around 67. And you get 100 percent of your full retirement age benefit at age 67, which is what you get on that mailer that they send out once a year.

Uh, if you file early at 62 or between 62 and 67, you get a smaller percentage of that at age 62 at 75%. Now, if you wait until age 70, you actually end up getting 124 percent of that initial benefit. So there's some considerations specifically health wise. If you're in good health, it typically makes sense to wait a little longer.

If you're not in good health, usually might make sense to work on it a little bit earlier. If you're still working past age 62, Um, in some cases it doesn't make sense to file because you'll get a penalty. For the additional income. So there's lots to consider. Um, typically when we build a financial plan, we will have a piece of that plan that dictates the breakeven for each of the social security filing options.

And we will provide a recommendation as your advisor, as to the best option for you, based on all of those factors."

Stephanie

"Thanks for listening to a mini episode of the Reacher Summit podcast by Summit Wealth Group. If you'd like to help support the podcast. Please share with others and subscribe. So you don't miss an episode. Thanks again."