Owen Edwards discusses building reliable retirement income plan

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-owen-edwards-with-edwards-investments-building-a-reliable-retirement-income-plan/

In this episode of Influential Entrepreneurs, Owen Edwards from Edwards Investments shared his insights about building a reliable retirement income plan. Owen brings nearly three decades of experience in the financial services industry and holds certifications in financial planning and as a certified financial fiduciary. His firm manages approximately $1.4 billion in assets, serving clients nationwide.

Strategic Social Security Maximizes Income

In the realm of retirement planning, the importance of understanding and strategically utilizing Social Security benefits cannot be overstated. As highlighted by financial advisor Owen Edwards in a recent podcast episode, Social Security often represents the largest guaranteed income stream that retirees will ever have. Thus, the way in which individuals approach claiming their Social Security benefits can significantly impact their overall financial health in retirement. A strategic approach to Social Security can lead to maximized income, enabling retirees to enjoy their golden years without the stress of financial insecurity.

The Foundation of a Reliable Retirement Income Plan

To appreciate the role of Social Security in retirement income planning, it is essential to recognize the foundational elements of a reliable retirement income plan. According to Owen, a robust plan comprises three main pillars: guaranteed income sources, investment income accounts, and flexibility and liquidity. Social Security falls squarely within the first pillar, alongside pensions and annuities, providing retirees with predictable and stable income. This foundational income allows retirees to cover their essential expenses, creating a safety net that fosters peace of mind.

Timing and Coordination

One of the most critical aspects of Social Security is the timing of when to claim benefits. The decision to claim Social Security is not merely a matter of choosing a date; it is a strategic decision that can have far-reaching financial implications. For instance, claiming benefits too early can result in reduced monthly payments, while delaying benefits can lead to increased payouts. Edwards emphasizes that the timing of Social Security claims can mean the difference of tens or even hundreds of thousands of dollars over a retiree’s lifetime.

Moreover, the coordination of Social Security with other income sources is vital. Retirees often have various accounts, such as IRAs, 401(k)s, and brokerage portfolios, from which they can withdraw funds. By strategically delaying Social Security benefits, retirees can withdraw from these investment accounts in a tax-efficient manner. This approach not only prolongs the longevity of their investment accounts but also maximizes the overall income received throughout retirement. For example, delaying Social Security can allow retirees to take withdrawals from their investment accounts at a lower tax rate, thereby preserving their wealth for the long term.

Maximizing Survivor Benefits

Another critical consideration in the strategic planning of Social Security is the potential impact on survivor benefits for spouses. The decision on when to claim Social Security can affect the benefits received by a surviving spouse in the event of one partner’s death. By understanding the nuances of Social Security benefits, retirees can make informed decisions that ensure their family is financially secure, even in the face of unforeseen circumstances.

In conclusion, Social Security should not be viewed merely as a government check; rather, it is a strategic cornerstone of a comprehensive retirement income plan. By recognizing its significance and employing a strategic approach to claiming benefits, retirees can maximize their income and enhance their financial stability. As Owen articulates, a well-structured retirement income plan that incorporates Social Security allows individuals to replace fear with peace of mind, enabling them to truly enjoy their retirement years.

In a world where financial markets can be unpredictable and economic uncertainties abound, having a reliable income stream from Social Security is invaluable. Therefore, it is crucial for individuals approaching retirement to seek guidance from financial professionals who can help them navigate the complexities of Social Security and integrate it into a broader retirement income strategy. By doing so, retirees can ensure that they are making the most of their benefits, ultimately leading to a more secure and fulfilling retirement.

Owen shared: “As fiduciaries, we put clients first—always.”

Video Link: https://www.youtube.com/embed/y1Ht_tBsQjo

About Owen Edwards

Owen Edwards was born and raised in Northeastern Pennsylvania, where he continues to live and serve his community through his financial advisory practice. With nearly 30 years of experience, he is dedicated to empowering individuals and families to achieve financial freedom through education—bringing clarity to complex choices and guiding them toward confident, informed decisions. Owen is a Certified Financial Fiduciary® and holds a Certificate in Financial Planning from Boston University.

Learn more: https://edwardsinvestments.com/

Advisory services are offered through Royal Fund Management, LLC, Royal Fund Management LLC is registered as an investment adviser with the SEC and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. Insurance products offered through Edwards investments LLC. Insurance guarantees are subject to the claims-paying ability of the issuing company. The adviser is paid commissions on the sale of insurance products.

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