Miami Financial Planner Andrew Carrillo Offers Five Tips to Maximize Social Security Benefits and Overall Retirement Income

PR Newswire

MIAMI, June 16, 2014 /PRNewswire/ -- Retirees who ignore Social Security planning are making a big mistake.


"Most Social Security maximization strategies just focus on maximizing Social Security income. That's only looking at one side of the equation. It's even more important to see how the different strategies to maximize Social Security benefits affect your overall income plan. It's the net income to your household that matters most," said Andrew E. Carrillo CFP®, AWMA®, CRPC®, President and CEO of Barnett Capital Advisors.

Due to record low interest rates, a couple receiving $35,000 in annual Social Security benefits would need approximately $1,000,000 in 30-year government bonds to produce the same income. For most Americans Social Security, is a substantial income asset.

"This means deciding when to take Social Security may be your most important retirement decision," he said.

Carrillo offers these five important tips:

  1. Know your target retirement age. Understanding exactly when you want to retire and if you can retire is critical in planning to maximize your Social Security benefits.
  2. Estimate your life expectancy. Whether you are likely to live until age 100 or age 75 can play a large role in determining how to maximize your benefits. If you are married it's important to factor both of your life expectancies and how that may affect your overall net income in retirement.
  3. If you're married, analyze and understand the difference between switching strategies. There are different advanced strategies that are available for married couples. A Social Security analysis report can help identify the switching strategies that may be best for your unique circumstances.
  4. Understand your income gap by analyzing exactly what your income gap is and how it grows or contracts over your retirement is critical. This will help you coordinate your Social Security strategy with your overall retirement income plan. This can help you understand the costs of waiting to take benefits and help you position assets correctly to fill the income gap.
  5. Compare the strategy to maximize benefits with a strategy that fits into your unique situation. While it's true by waiting to take benefits until age 70 gives you the maximum annual benefit, it may not be best for your overall retirement income plan. Be sure to analyze cumulative income benefits at certain ages and compare it to the amount of money you'll have to pull from your investments because that's your opportunity cost.

"Most people want to maximize benefits that they've paid into, maximizing Social Security at its best, should focus on maximizing your total retirement income," he said.

Seniors can learn more about financial planning at a complimentary workshop, held by Andrew Carrillo called Social Security Planning: How to Maximize Benefits. It will be held at 6 p.m., Thursday, June 19, 2014 at the Miami Dade West Library located at 9445 Coral Way Miami, FL 33168. Space is limited.  RSVP by calling 1-877-925-1556.

For more information visit or call 305-328-8538.  Barnett Capital Advisors, A financial services and retirement planning firm, is located at 1450 Brickell Avenue, Suite 2780, Miami, FL 33131.

About Andrew E. Carrillo

Andrew Carrillo is the President and CEO of Barnett Capital Advisors. He began his career at a fortune 500 company but decided to depart from the firm after he realized how much being an Independent Financial Advisor could benefit his current and future clients.

Throughout his career he has earned the designations of Certified Financial Planner TM , Accredited Wealth Management Advisor SM and Chartered Retirement Planning Counselor SM.

He's also a graduate of the University of Pennsylvania, Wharton School Portfolio Management and Investment Strategies program. He completed his undergraduate education at Florida State University with a Bachelor's degree in International Affairs with a focus in Finance.

Andrew Carrillo is a considered a well-known retirement and investment expert in the South Florida area and holds regular financial seminar's on a wide variety of important financial planning topics. He was born and raised in New York but has lived in South Florida for the last 17 years and currently lives in Miami.


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