It’s not unusual for high-net worth investors to pass on their Social Security. It seems to be especially commonplace to believe these benefits are insignificant when compared to other assets.

However, the truth is that when done correctly, Social Security payments could be an integral tool in retirement and estate planning.


What’s the Big Deal About Social Security?

Regardless of the current assets you have, you could use Social Security to pad your income, or if invested, it could help maximize what’s left to your heirs.

However, we know that Social Security is no easy course to navigate. With nearly 3,000 rules and over 500 filing options, it’s not exactly a user-friendly experience.

Luckily, we’re here to tell you that we can help guide you through maximizing the most out of your benefits while preserving and growing your wealth.

The average retiree depending solely on Social Security doesn’t typically owe much to the government. Meanwhile, those in higher tax brackets may get hit with higher taxes if not planned properly in advance.



What You Can Do With Your Social Security Benefits

We can walk you through the best plans to handling taxes but we want to showcase some of the common ways HNW investors typically utilize their Social Security benefits.

Fund Other Financial Goals

If you claim early, say around age 66, you could put your benefits towards an irrevocable life insurance trust which may help in covering estate taxes, making charitable donations, or even a legacy to leave with heirs.


Long-term Care

When planning your estate and looking to the future, it’s wise not to deny your mortality. The U.S. Department of Health estimates that the average 65-70 year old has a 70% chance of needing long-term care in the future, and it’ll cost you. It’s not unheard of for people with chronic or debilitating illnesses to spend upwards of $10,000 a month in care costs.

Protect yourself against the potential cost of medical assistance in the future.


Help Plan for the Future

When discussing Social Security benefits, you’re ultimately going to be planning life after retirement.

Important questions will have to be acknowledged, such as:

  • Do you have a strong support system and social circle?
  • Or maybe you want to downsize?
  • Do you want to move?

Sometimes it takes the discussion of benefits for HNW investors to actually look at the possibility of life after work.



Social Security benefits deserve a place at the table when discussing key resources to your estate planning and overall wealth management. However complicated it may seem, social security does lead to important discussions about the future. And it can ultimately can help with lifestyle planning.


Do you want to learn more about how to navigate your Social Security benefits or other financial advisory resources? We can help! Get in touch with us by sending an email to or give us a call at 972-437-5201.


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Article Name
Social Security For HNW Individuals - Is It Worth It?
Social Security is complex subject. And some HNW investors think they don't need it. See how your benefits could be strategic for your estate planning.

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