Clark Griswold age 50, has owned and operated Griswold Vacations, a vacation travel agency for 20 years. He thinks his son, Rusty, will be ready to take over the business in about 10 years – which is ideal because Clark would like to retire early, at age 60. After looking into Social Security however, Clark realizes he could maximize his benefits if he waited to access them until normal retirement age, which for people born in 1960 and later is age 67. Clark wants to get the most he can from Social Security, but he also wants to enjoy the early retirement he’s worked and planned for.
The strategy of “Social Security Maximization”.
Clark decided to use a portion of his long-term savings to purchase a deferred Fixed Index Annuity (FIA). With an FIA, Clark will have both a principal protection feature during the 10 years of accumulation before retirement, and a lifetime income payout benefit once he exercises the income option when he retires. Clark can now retire at age 60 as planned, and can also delay receiving Social Security income until age 67 in order to receive its full benefit.
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*This blog is strictly the opinion of Michael A. Malleo and not those of
ASH Brokerage Corp., Quest Capital Strategies, Inc., nor any of our affiliates.
Malleo Financial Services LLC cannot and will not give any specific tax or legal advice.
Please consult your tax professional or legal professional for such advice.