Dove-Award Winning Artist, Ellie Holcomb, portrays in her latest album effort “Red Sea Road”, the reasons why a delay in taking Social Security until Full Retirement Age or age 70 may not be the best option for many of us and we can certainly empathize at MasterPlan Retirement Consultants.
The daughter of legendary songwriter, Brown Bannister, and wife of Drew Holcombe pens in her brand  new title song:
“We bury dreams laid them deep into the earth”
Behind our sad, hard goodbyes.
At the grave but everything reminds us
God knows we ache
When he asks us to go on
How do we go on?
We will sing to our souls, we won’t bury our hope, where he leads us to go there is a Red Sea Road”.
Like Moses, our clients were and are asked to go down a Red Sea Road many times in life where we feel trapped by the rushing waves of water on one side and fear of the enemy on the other.
We have clients who have done some research and perhaps attended one of our many workshops on “Maximizing Social Security”. They recognize that through delaying Social Security they can draw a much larger income. Many of them can certainly afford to delay. So why do so few of us delay a larger payment? Beyond the behavioral aspects of a certain and  known return today versus the fear of what might happen later, lies a bigger reason: The cost of retirement is skyrocketing!
One of our staff members at Masterplan Retirement Consultants, remembers his kids coming and thanking them for all the time and money spent on orthodontics. The parenting pride came out as he explained that the kids would still be living with the couple in the basement if he had not proceeded. But the cost of raising kids and a college education can be minute compared to funding a retirement with retirees living longer each passing day.
According to a recent study featuring  50,000 people respondents, “Finances in Retirement, New Challenges, New Solutions”, by Age Wave, the average cost of a retirement is 2.5 times that of an average house and nine times more than a college education making it easily the most expensive purchase of life. Although the March 2017 edition of Financial Planning Magazine pointed out than more retirees are delaying Social Security than ever thanks to education efforts, the number of Retirees filing for bankruptcy is near an all-time high, according to the Wall Street Journal, February 15, 2016 edition.
Even though, financial professionals have helped to educate the public, talking Social Security at age 62 remains the most popular option because the enormous cost of retirement begins earlier for many due to servicing debt, health considerations or the loss of higher-earning job.
Finally, besides the age-old paradigm of a “bird in the had being worth two in a bushel”, health care challenges can come out of nowhere. Social Security may provide some growth needed for a successful retirement and many feel Social Security Cost of Living Adjustments(COLA) are simply inadequate to meet the costs of retirement which are skyrocketing at a much higher level than inflation. Has anyone looked around Atlanta or Cobb County at a senior living facility or apartment recently?
Last, MasterPlan recognizes that the last sources of retirement income to be touched are those that grow at a rate greater than inflation and provide tax deferred or tax free growth, i.e. 401(k), IRAs, Life Insurance, Annuities. These assets which ultimately can provide a source of retirement income that is tax deferred and protection against a financial loss due to confinement in a nursing home or long-term care facility are assets to be accessed last. In many cases, they can provide protection with little or no underwriting against the above risks, even though they may contain surrender charges.
One of the members of our staff has a friend that works for the National Cremation Society. He remembers a local planner hosting an event entitled “Everything You Wanted to Know About Cremation”  with the event hosted by the local smokehouse BBQ. Not exactly great timing. The timing of taking Social Security is dependent on several factors. At MasterPlan Retirement Consultants, you can find out what factors go into maximizing Social Security through our series of local educational workshops, our online You Tube Education Channel “MasterPlan Retirement Moments” and on our website at www.
Life, nor Social Security does not have to be like a Red Sea Road with no way out. Our Lord provides us a way and promises to never forsake us. When it comes to retirement options, there are plenty of ways in and out to maximize retirement income and reap a bountiful financial harvest and a beneficial retirement legacy in Cobb County or wherever God leads you.

Investment advisory services are offered through MasterPlan Retirement Consultants, Inc. doing business as MasterPlan Retirement Consultants. MasterPlan Retirement Consultants is a Registered Investment Advisor in the State of Georgia. Insurance products and services are offered through Fricks and Associates, Inc. doing business as MasterPlan Retirement Consultants. MasterPlan Retirement Consultants, Inc. and Fricks and Associates, Inc. are affiliated companies. All written content is for informational purposes only. Opinions expressed herein are solely those of MasterPlan Retirement Consultants, Inc. and our editorial staff.  All information and ideas should be discussed in detail with your individual adviser prior to implementation. MasterPlan is not affiliated with the Social Security Administration or any government agency.