Retirement, Social Security & Estate Planning

 

Our clients often ask us if they should take their Social Security benefits at an early age or wait until their full retirement age.  While each set of circumstances and situatios are unique, we can determine how long it will take to recapture benefits "left on the table" and the age at which this occurs.

Instructions:

  1. In the white block under the header "Social Security Now" enter you current age.
  2. On line #1 enter the gross monthly benefit for your current age, your benefit at age 66 and your benefit at age 70.
  3. Line #2 will calculate your total monthly gross payment.
  4. Line #3 will calculate years until you turn 66.
  5. Line #4 will calculate years until you turn 70.
  6. Line #5 will calculate the total social security you will collect until age 66 and 70.
  7. Line #6 will calculate the number of months until you break even.
  8. Line #7 will determine the age when you will begin to receive extra social security benefits.

Click on the link below to download our social security calculator.

EG Tax Social Security Calculator

 

Beyond retirement there is nothing more important than leaving a legacy to those you leave behind.  To assist in having your wishes conveyed to loved ones we have formulated a "Letter of Instructions" for you to insturct those who will take care of your affairs.  A "Letter of Instructions" is an informal document that gives your survivors information concerning important financial and personal matters that must be attended to after your demise.  As opposed to the other three essential estate planning documents - your will, durable power of attorney, and healthcare proxy(living will) - which you should have an attorney prepare, you can prepare a letter of instructions yourself.

Letter of Instructions