May 27, 2026
When to Take Social Security
May 27, 2026
Social security averages your income over your working life and distributes that amount to you. But how much you get depends on when you file your social security claim.
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A 2023 study from Northwestern Mutual found that 66% of Americans felt that they needed to improve their financial planning. And that was on the coattails of COVID. Today’s financial reality is even more uncertain.
But why isn’t general advice more effective? There are a few reasons. This advice is
These generic topics rarely cover the wide range of what actually goes into an investment portfolio and wealth management goals.
To be fair, it’s impossible to give highly-focused advice without seeing your financial situation. Hypotheticals, too, come with extreme disclosure requirements from fiducaricies–those of us legally obligated to serve your best interest.
But do you need an advisor? Ideally, everyone should have a trusted advisor or friend to discuss their finances with. But individuals with high-net-worth or complex financial situations may require more objective assistance than others.
Generic advice and forecasts are often so reduced that they become useless. So many retirement articles and “how-to’s” assume much about salaries, family structure, and personal history. This approach does a disservice for individuals seeking relevant wealth management advice.
Below are just four scenarios that are often left out of typical financial advice, and what makes these situations unique:
Until the legalization of same-sex marriage in 2015, financial advice and planning centered around straight couples. Tax deductions and spousal social security income are just two examples of financial benefits that often did not apply to same-sex partners. Without the security of marriage, couples required roundabouts to save and plan their retirement.
But it’s not just legalese that bars LGBTQIA+ couples from financial services. A 2022 report from the National Foundation for Financial Education found that 1 in 3 LGBTQIA+ individuals faced discrimination or bias from institutions in the financial services sectors. That can include advisors, bank representatives, and insurance agents.
And it’s everywhere. When I moved to North Carolina, many of my first clients stemmed from the prejudice of other advisors.
But LGBTQIA+ individuals don’t just need an advisor that accepts them. They also need a professional who understands the nuances of their situation, can delve into retirement solutions, and advocate on their behalf.
Your financial plan changes drastically as your portfolio scales. It’s easier said than done, but preserving $50 million (or more) requires a different approach from $10 million. Your annual income alone is significant. Four percent amounts to $2,000,000 before accounting for taxes.
Your investment options are broader. But so is your exposure to increased taxes and fees. Furthermore, your goals are different. You don’t need to worry about making your money last or fret over every market shift. Instead, you can focus on long-term financial objectives, such as multigenerational legacy planning or philanthropy. A portfolio this large also enables you to pursue more risky investment types—if you find yourself to have a higher risk tolerance, that is.
You’re never done creating—and that’s a double-edged sword. Serial entrepreneurs know that not every venture is successful or profitable. But there is no way to know until you try. This mindset simply doesn’t retire. Founders and entrepreneurs often want to keep building businesses or products in retirement.
However, starting and running a business needs money. And that can easily cut into your retirement portfolio if not planned for. You may need to keep more of your portfolio liquid to ensure you always have enough to pursue new ventures.
This consideration is only the first complication. If you’ve been self-employed for most of your career, you’ll also have unique retirement plans such as a Solo 401(k), a SEP IRA, or other alternative investments. Each of these have different contribution and withdrawal rules, making traditional retirement advice that emphasize an employer-sponsored 401(k) irrelevant.
Finally, family relationships and structure can greatly influence your retirement and estate planning. On one end, estranged family members can hinder estate planning communication and further create conflict, especially if certain family members are excluded from the estate. On the other hand, non-traditional families such as mutli-generational households or blended families often require complex and increased focus on wealth preservation.
It’s also important to remember that estate planning is about more than money. The inheritance you leave behind includes heirlooms, antiques, art, valuable collections, real estate, and other physical items. It can be helpful to deal with these items ahead of time, whether by including beneficiaries for these items, donating them, or selling them to strengthen the financial power of your estate.
The above scenarios may describe your financial situation perfectly; most likely, they are still too broad to accurately guide you through next steps. This highlights the limits of online, written material—not a shortage of expertise. Fiduciary advisors can offer significant insight into achieving your financial goals, but only if they know you, specifically.
If you’re interested in working with a fiduciary and getting objective feedback on your financial goals and challenges, book a no-commitment call with me today.
You can book a complimentary session
or call me at +1 (828) 884-8840.
