|[November 19, 2012]
Innovative Strategies to Help Maximize Social Security Benefits: Updated Prudential White Paper
NEWARK, N.J. --(Business Wire)--
Many Americans are missing out on the full value of Social Security
according to Prudential's updated white paper, Innovative
Strategies to Help Maximize Social Security Benefits, which
outlines options and strategies that individuals can employ to maximize
lifetime Social Security income. In particular, the paper has new
content on strategies for those that enter retirement divorced or
According to the paper, which was issued today, limited understanding of
the program is preventing many people from maximizing their benefits.
paper also points out that over 70 percent of retirees elect to
start receiving reduced Social Security benefits prior to their Full
Retirement Age, and that many may be missing out on the ability to
cllect higher benefits over their lifetimes.
"For most, a successful retirement plan should include accumulated
personal savings as well as guaranteed lifetime income from 401(k) plans
and Social Security," said George Castineiras, vice president, Total
Retirement Solutions, Prudential Retirement. "With the examples and
approaches illustrated in the 2012 edition of the white
paper, Prudential aims to help individuals, especially women,
increase their understanding of Social Security and optimize its role in
their retirement planning."
The strategies, applicable to both genders, contain a number of examples
to help readers evaluate their available choices, eliminate costly
mistakes, and select a claiming strategy that best suits their financial
"This research highlights the advantages for women of taking spousal
benefits and delaying individual benefits to maximize lifetime Social
Security income," says M. Cindy Hounsell, President, Women's Institute
for Secure Retirement. "Of real value are the practical strategies
available for divorced spouses, widows, and widowers as well as the
important tax considerations regarding when to take IRA withdrawals and
when to claim Social Security benefits."
here to view a short video summarizing the benefits of strategies
outlined in the paper.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with
approximately $ 1,005 trillion of assets under management as of
September 30, 2012, has operations in the United States, Asia, Europe,
and Latin America. Prudential's diverse and talented employees are
committed to helping individual and institutional customers grow and
protect their wealth through a variety of products and services,
including life insurance, annuities, retirement-related services, mutual
funds and investment management. In the U.S., Prudential's iconic Rock
symbol has stood for strength, stability, expertise and innovation for
more than a century. For more information, please visit http://www.news.prudential.com/.
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