It is important to initiate Social Security planning in your budget as the income from Social Security comprises 20% to 50% of the retirement earnings that you will eventually receive. In fact, the income from Social Security can escalate to as much as $500,000 in benefits. Therefore, it pays to optimize this asset.
Some of the Advantages
To help you in this respect, you need to contact accountants in Brooklyn to help you make the most of the money you make. If you are classified as middle income and are married, you will find that Social Security is a retirement asset that should not be blithely overlooked. In fact, the retirement earnings you receive from Social Security offer the following advantages:
* Social Security earnings are only 85% taxable when reported as a regular income source.
* The benefits will continue over your lifetime.
* Social Security is backed by a government guarantee.
* The amount is adjusted for inflation.
As you can see, you cannot even claim the above advantages with an IRA. That is why it is good to know how to maximize your returns for Social Security. To begin the planning process, you need to contact accountants for assistance.
Using Software to Support Your Retirement Goals
When you rely on the services of an accounting specialist, you can also access software that simplifies planning. Accountants who provide Social Security planning endorse innovative applications that identify the best claiming methods while answering a user’s questions.
When you take advantage of today’s technologies, you can determine how the timing of claims can save or cost you money. Visit The TaxAdvocate Group online to obtain further details about Social Security retirement planning. The sooner you act, the sooner you can benefit. With the support of a software application, you can reap the full rewards that this retirement asset provides. Take advantage of this service now and contact an accounting firm today.