Celebrating 90 Years of Social Security: How Social Security Aligns with Strategic Wealth Management
Introduction
Since its inception on August 14, 1935, Social Security has served as a cornerstone of financial stability for millions of Americans. As we commemorate 90 years of this vital program, it is an opportune moment to reflect on its enduring role within the broader context of retirement and wealth management. At Waverly Advisors, we recognize that while Social Security provides essential income support during retirement, disability, or following the loss of a loved one, it is designed to supplement—rather than replace—a comprehensive financial strategy. This whitepaper outlines our holistic approach to integrating Social Security benefits into a tailored wealth management plan that caters to the diverse needs of investors, high-net-worth families, individuals, business owners, executives, and more.
Over nearly a century, Social Security has evolved from a modest safety net into a critical component of a multifaceted retirement strategy. While it offers a reliable source of income, the program was never designed to address every aspect of retirement security. With increasing longevity, rising healthcare costs, and evolving economic conditions, today’s retirees must supplement their Social Security benefits with additional income streams, careful asset management, and strategic planning.
At Waverly Advisors, our approach goes beyond a one-size-fits-all solution. We integrate Social Security planning with customized wealth management strategies that focus on:
- Income Sustainability: Coordinating Social Security benefits with other retirement income sources.
- Tax Efficiency: Structuring withdrawals and investment income to minimize tax liabilities.
- Estate and Legacy Planning: Safeguarding your wealth for future generations while considering survivor and spousal benefits.
- Risk Management: Balancing investments and insurance to mitigate potential financial uncertainties.
Maximizing Your Social Security Benefits
A core element of our strategy at Waverly Advisors is guiding you through the complex decision-making process regarding Social Security claims. Our detailed analysis includes:
- Claiming Strategies: Evaluating the optimal timing for claiming benefits—whether through early claims, delayed retirement credits, or combining spousal and survivor benefits—to maximize lifetime income.
- Spousal and Survivor Benefits: Assisting couples with benefit coordination to ensure both partners receive the most advantageous outcome.
- Tax Planning Considerations: Integrating Social Security with a broader tax strategy that addresses varying income brackets and the nuances of retirement account withdrawals.
- Special Considerations: Providing tailored advice for divorcees and remarried individuals to navigate the complexities of benefit entitlements.
Through personalized strategies, we ensure that your Social Security benefits become a robust component of your overall retirement plan.
Planning for Supplemental Income
While Social Security is a vital resource, it represents just one element of a well-rounded financial strategy. At Waverly Advisors, we emphasize the importance of supplementing these benefits with other income sources to secure your financial future:
- Investment Portfolios: For investors and high-net-worth families, we construct diversified portfolios that balance growth potential with income stability, tailored to your risk tolerance and long-term objectives.
- Retirement Accounts and Annuities: Business owners, executives, and individuals benefit from strategies that optimize distributions from IRAs, 401(k)s, and other retirement vehicles, ensuring liquidity without sacrificing growth.
- Alternative Income Streams: We explore opportunities such as dividend-paying stocks, real estate investments, and other income-generating assets that complement the periodic nature of Social Security payments.
This integrated approach not only provides stability but also delivers the flexibility needed to adapt to changing market conditions and personal circumstances.
Holistic Strategies for Diverse Client Profiles
At Waverly Advisors, we understand that every client’s financial journey is unique. Our comprehensive wealth management services are tailored to meet the needs of a wide range of clients:
Investors and High-Net-Worth Families
- Customized Asset Allocation: We design investment strategies that prioritize both capital preservation and growth, aligning with your retirement and legacy goals.
- Wealth Preservation: Through estate planning, trust services, and tax-efficient investment strategies, we safeguard your assets for future generations.
Individuals and Business Owners
- Income Optimization: Our team integrates Social Security planning with business succession strategies, ensuring both personal and professional financial needs are met.
- Risk Mitigation: We provide guidance on insurance products and risk management strategies to protect your income streams against market volatility.
Executives and Professionals
- Executive Compensation Planning: We advise on structuring executive benefits—including deferred compensation and stock options—so that they complement your Social Security benefits.
- Retirement Readiness: Our tailored plans focus on liquidity management, capital preservation, and tax strategies to facilitate a smooth transition from active employment to retirement.
Expanding Social Security Wealth Management
Beyond traditional retirement planning, our expertise extends to advanced Social Security wealth management, offering support in several critical areas:
- Long-Term Care Planning: Assessing future care needs and integrating long-term care insurance options to ensure comprehensive income protection.
- Educational Investments: For families, aligning Social Security benefits with educational savings plans to secure both retirement and legacy objectives.
- Healthcare and Medicare Integration: Coordinating Social Security with Medicare planning to effectively manage healthcare costs throughout retirement.
By merging our deep understanding of Social Security with broader wealth management strategies, Waverly Advisors is committed to helping you build a resilient and secure financial future.
Conclusion
As we celebrate 90 years of Social Security, its role in ensuring financial stability remains more critical than ever. Yet, achieving a truly secure retirement requires a diversified, strategic approach. At Waverly Advisors, our comprehensive wealth management strategy is designed to meet the evolving needs of a diverse clientele—from individual investors and high-net-worth families to business owners and executives.
Our dedicated team is committed to guiding you through every facet of your financial journey. Whether optimizing your Social Security benefits, developing a robust supplemental income strategy, or preserving your legacy, we provide the expert advice and personalized service you deserve.
Let us help you celebrate this milestone by planning for a future that extends well beyond Social Security—one built on the foundation of proactive, strategic wealth management.
If you would like more information about the terms and strategies discussed in this guide, or if you’re ready to explore how they apply to your specific situation, contact Waverly Advisors. With experience working with individuals, families, and executives managing significant wealth, we specialize in creating tailored strategies with the goal to help you grow, protect, and transfer your assets effectively.
MEET THE AUTHOR
Ashlynne Husmann, CFP®
Wealth Advisor
Ashlynne joined Waverly Advisors in January of 2024 after StrategIQ Financial Group was acquired by Waverly Advisors, LLC. She serves as a Wealth Advisor at Waverly. With a tenure of six years in the financial services industry, dating back to May 2017, her journey began at Purdue Federal Credit Union before joining StrategIQ Financial Group in May of 2019, initially as a Client Service Associate… Learn More
IMPORTANT DISCLOSURES
THE INFORMATION PRESENTED IN THIS DOCUMENT IS FOR GENERAL INFORMATIONAL AND EDUCATIONAL PURPOSES, AND IS NOT SPECIFIC TO ANY INDIVIDUAL’S PERSONAL CIRCUMSTANCES. NOTHING IN THIS DOCUMENT CONSTITUTES, OR SHALL BE RELIED UPON AS INVESTMENT, LEGAL, OR TAX ADVICE TO ANY PERSON. THE INFORMATION IN THIS DOCUMENT IS PROVIDED EFFECTIVE AS OF THE DATE OF ITS PUBLICATION, DOES NOT NECESSARILY REFLECT THE MOST CURRENT STATUS OR DEVELOPMENT, AND IS SUBJECT TO REVISION AT ANY TIME. INVESTING INVOLVES RISK, AND PAST PERFORMANCE DOES NOT NECESSARILY PREDICT FUTURE RESULTS. NONE OF WAVERLY, OR ANY OF ITS OFFICERS, MEMBERS OR AFFILIATES, IN ANY WAY WARRANT OR GUARANTEE THE SUCCESS OF ANY ACTION THAT ANYONE MAY TAKE IN RELIANCE ON ANY STATEMENTS OR RECOMMENDATIONS IN THIS DOCUMENT.
WAVERLY ADVISORS, LLC (“WAVERLY”) IS AN SEC-REGISTERED INVESTMENT ADVISER. A COPY OF WAVERLY’S CURRENT WRITTEN DISCLOSURE BROCHURE AND FORM CRS (CUSTOMER RELATIONSHIP SUMMARY) DISCUSSING OUR ADVISORY SERVICES AND FEES REMAINS AVAILABLE AT HTTPS://WAVERLY-ADVISORS.COM/. YOU SHOULD NOT ASSUME THAT ANY INFORMATION PROVIDED SERVES AS THE RECEIPT OF, OR AS A SUBSTITUTE FOR, PERSONALIZED INVESTMENT ADVICE FROM WAVERLY ADVISORS, LLC (“WAVERLY”). THIS INFORMATION SHOULD BE USED AS A REFERENCE ONLY. TALK TO YOUR WAVERLY ADVISOR, OR A PROFESSIONAL ADVISOR OF YOUR CHOOSING, FOR GUIDANCE SPECIFIC TO YOUR SITUATION. PLEASE NOTE: THE SCOPE OF THE SERVICES TO BE PROVIDED DEPENDS UPON THE NEEDS OF THE CLIENT AND THE TERMS OF THE ENGAGEMENT.
INVESTMENT ADVISORY SERVICES ARE OFFERED BY WAVERLY ADVISORS, LLC, AN INVESTMENT ADVISER REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION. © 2024 WAVERLY ADVISORS, LLC. ALL RIGHTS RESERVED.