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Money Watch Q & A: Social Security Strategies

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There are literally hundreds of ways to take social security income. What is the best option for you and how do you make the most of the money? Find out in tonight's Money Watch Q & A with President of Cornerstone Retirement Group, Chris Abts.

With more baby boomers looking forward to retirement, Abts says how they take their social security income could potentially mean thousands of dollars lost or gained over their lifetime. A recent study shows that a typical couple loses on average $42,000 in Social Security Income during their lifetime due to making the wrong decisions.

Abts says the every person has to evaluate what is best for them – plain and simple. For people who only have social security, of course, most will begin collecting at the minimum age of 62. However, for people who may have other assets – in addition to social security – there are strategies you may be able to employ to maximize the benefits you are eligible to receive, particularly married couples. The closer you are to your "normal" retirement age, the more money you will receive. To figure out what your "normal" retirement age is, log onto http://www.ssa.gov/estimator/.

To learn more about the best options for you, Cornerstone Retirement Group is offering a free social security seminar a week from Thursday on September 26th. It will take place at the Hyatt Place near the airport from 5:30-6:30 p.m.

Some of the strategies that will be discussed:

-When is the best time to start drawing Social Security benefits?
-What is the best way to coordinate Social Security benefits, along with other retirement assets to create a Retirement Income Plan?
-What are three major ways that taxes impact Social Security benefits, and how to minimize them?

To register for this free event, call Cornerstone Retirement Group at (775) 853-9033 or go to www.cornerstoneretirement.com.

Written by Kristen Remington

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