What if you told someone that they could have a guaranteed monthly income with inflation protection to help meet their retirement needs? They would probably be interested and a bit surprised to realize that you were talking about Social Security. For many people Social Security has become an afterthought when it comes to their retirement plan. The focus generally centers on their 401(k) and IRA accounts and trying to beat the markets every year. This is largely due to a misunderstanding of how the Social Security system works.

Choosing the best Social Security claiming strategy for couples can be confusing because there are so many different ways to file. Going to the Social Security website is a great place to start. You can gain instant access to your benefit summary. But you should also work with a financial advisor who offers Social Security optimization as part of financial planning strategies. Protecting your family against unexpected inflation, down markets and longevity risk should prove beneficial when creating your retirement plan.