hard · Certified Financial Planner Retirement
Arthur and Sylvia Beckett, both aged 62, have recently retired. Arthur is considering delaying his Social Security benefit until age 70 to maximize the delayed retirement credits. Sylvia has a significantly lower earnings history. They have 1,200,000 in a joint brokerage account and Arthur has a900,000 401(k).
Before Arthur commits to the delay strategy, what is the next step for the planner according to the Practice Standards?
- Obtain Arthur’s Social Security Statement (SSA-10) and verify the 35-year earnings record for both spouses.
- Implement a systematic withdrawal plan from the brokerage account to bridge the income gap until age 70.
- Recommend the delay to age 70 to secure the 8% annual credits and provide survivor insurance for Sylvia.
- Advise Sylvia to claim her own benefit immediately while Arthur delays, ensuring some cash flow in the interim.
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