Charlotte, NC (PRWEB) January 13, 2014
Charlotte retirement planning firm Hobart Financial Group comments on an article published by Wealth Management on January 7, which suggests that many senior citizens should wait longer to apply for social security.
According to the Wealth Management article titled “Filing Early for Social Security? Therapy May Be In Order,” the Social Security Administration found that 28 percent of men and 43 percent of women withdrew from their Social Security benefits last year at the age of 62. However, the article says that these seniors may have applied for Social Security too early, and could gain far more if they decided to wait a few years.
While some seniors decided to withdraw early due to medical bills or other unforeseen expenses, the article says most senior citizens filed for benefits because they were impatient and had misconstrued knowledge of the Social Security system.
Chris Hobart, CEO of Hobart Financial Group, a leading Charlotte retirement planning firm, affirms that most people can earn more if they wait to withdraw from their Social Security benefits. “People work for most of their lives, so it’s understandable that they want to take the money out as soon as possible,” he says. “However, patience is a virtue and waiting to claim Social Security could mean a difference of thousands of dollars annually. Because Social Security is such a big part of retirement income for many people, it’s best to make sure you’re getting the most amount possible. This means that seniors might have to wait a few extra years and work more than they had planned. In the long run, it will be worth it.”
Hobart Financial Group is an independent financial advisory firm dedicated to personalizing service with uncompromising integrity. Its focus on comprehensive, tax-advantaged plans help to provide sound preservation of capital, growing income and increased returns with reduced risk. Chris Hobart, founder of Hobart Financial Group, understands that true wealth means being able to share your life with the people you love, free from financial anxiety. Hobart Financial helps Carolinas’ retirees preserve and protect their wealth with comprehensive financial retirement planning and wealth management.