Words from Woods

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woods_smLooking for a “Financial” Parallel Universe

New Star Trek and Star Wars movies are coming out. I’m sure they will be exciting and big money makers for their respective studios. Both also have something else in common. They rely on us being able to imagine a parallel universe with events happening in two worlds at the same time.  Here’s another parallel…a financial parallel!

Waiting to take Social Security until your Full Retirement Age (FRA) will provide an increased amount of lifetime income.   It’s true!   A person who defers their Social Security (SS) election at age 62 and waits until their FRA (age 66) would receive an additional 24% for their lifetime.  That’s a 6% increase for every year deferred; and that’s not even the best news.  If you felt you didn’t need or want your SS at 66, (yes, there are those who will wait) you would accrue an additional 8% per year, (delayed credits) up to age 70.  That’s a whopping 32% added to your FRA benefit that you’d receive for as long as you were able to “fog a mirror” as my Dad used to say.  The results are tens of thousands of additional dollars that, if you live to the ages they have predicted many of us will, you would not otherwise receive.

Now to that parallel world I spoke of.  If it’s such a great benefit to wait for the election of your Social Security because of the guaranteed permanent “increases” in those accounts, (and if you can wait, it is) wouldn’t it be just as beneficial to have your personal retirement savings accounts, IRA’s, TSP’s,  401k’s, 403b’s and 457 plans in that same position?  Increasing at a substantial, guaranteed rate every year, say 6%, 7% or even 8%, until you decided it was time to start the income withdrawal process and turn those gains into guaranteed, contractual, lifetime income streams – just like Social Security?

These parallel worlds exist and not “in a galaxy far, far away!”  You can “boldly go…” to Woods Financial, today, and position your personal assets into a “smart money” strategy which parallels the Social Security increases.  Create additional peace of mind for your golden years!  Call us. We’ll explain how this would work for you.

Yoda says, “May the Force be with you.”

And Spock, “Live long and prosper.”

For me, as always, “I wish you Good Fortune!”

Bob Woods, President
Woods Financial
129 Hanbury Rd. W. Suite 103
757-482-0291
www.chesapeakewoodsfinancial.com

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