4 Tricks to Maximize Your Social Security Benefits

October 2022

4 Tricks To Maximize Your Social Security Benefits

Living comfortably is a goal we all hope to achieve in retirement. Social Security is a major source of income for many retirees, including those in high-income households. Calculating your Social Security payout can be very tricky. There are 4 recommendations to help maximize your Social Security benefits.

Having 35 years of work history, working into your 60s and delaying your Social Security benefits will all help make your Social Security checks as big as possible. Click Here to read the "4 Tricks to Maximize Your Social Security Benefits."

Estate Planning Awareness Week

October 17th-23rd

Estate planning is recognized to be so important that there is an entire week devoted to it!

Take this October 17^th – 23^rd to understand estate planning and why it is a vital component for financial wellness during “National Estate Planning Awareness Week.”

An estate is much more than just your home, it is also your investments, life insurance, checking accounts and personal possessions, including your car. An estate plan is created to make sure your wishes are carried on once you pass or if the time comes that you are unable to make decisions for yourself.

Without a plan and supporting documentation, your assets could end up in legal limbo for years. Estate planning is not something that you have to wait until you are retired or once you reach a certain age to start organizing. Click here to read “What is Estate Planning and Why It Is Important?

At Saratoga Financial Services, we offer a thorough workbook that you can use to start or better organize your estate plan. Please call our office at (518) 584-2555 and we will gladly mail you out a complimentary copy. In the meantime, if you have questions about planning for your future, please don't hesitate to give us a call.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

4 Smart Things To Do When You Receive An Inheritance

Above we spoke about the importance of estate planning, but now how about being on the receiving side. Roughly 1.7 million households receive an inheritance each year, according to the Federal Reserve Board’s Survey of Consumer Finances. A study funded by the Bureau of Labor Statistic’s found that 1/3 of people who receive an

inheritance spend all of it and have even found themselves dipping into their savings within the first two years. Take a look at, "4 Smart Things to Do When You Get an Inheritance."

Security Tip

Scammers are becoming more and more sophisticated in attempting to gain access to your personal information and accounts. Keep in mind, it would be extremely rare that any company you do business with or any personal contact you know would call you requesting you to disclose your social security number, bank account or credit card information. As we all know, the phone calls and emails can be very convincing that you are eligible for some type of discount, upgrade or your account has been hacked and fraudsters often pretend to be family members, friends, love interests, government agencies or companies.

But, if you do receive a convincing call or email, try to verify the request as much as possible. Contact a loved one for additional support to help you navigate, if needed. Be certain it is a legit request before clicking on any links or calling any phone numbers provided. Being a victim of a scam is very upsetting and can be challenging to fix. Recognizing red flags can help you avoid falling for a scam and help protect your personal information.

Is Saratoga Springs Haunted?

There is high speculation that there has been spiritual activity noted throughout some of Saratoga’s historic buildings. Canfield Casino in Congress Park, The Olde Bryan Inn, The Adelphi Hotel and Batcheller Mansion Inn have all been known to have some sort of paranormal activity. Get in the Halloween spirit this month and click here to check out some of the haunted Saratoga ghost tours offered to learn more about the numerous ghost

and spirits felt throughout Saratoga Springs.

For something less spooky, click here to stay up to date with New York’s Fall Foliage report. October is typically the best month to see those peak moments of Upstate New York’s beauty.

Saratoga County Chamber Insider Newsletter

Saratoga County Chamber of Commerce produces a monthly snapshot of the economic health through our community. Highlighted topics include Saratoga counties sales tax, unemployment rate, real estate, lodging and now a stock watch. To stay up to date with the positive growth we have seen, click here to enroll and start receiving your copy of the Saratoga County Insider monthly e-newsletters.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.