How Valuable is Social Security? The lifetime value of Social Security is far greater than most people realize. Under current formulas and 2.8% annual cost of living adjustments, a person who starts out receiving the maximum monthly benefit of $2,642 in 2014 will receive a over $385,000 if he/she lives another 10 years, over $850,000 if he/she lives 20 years, and more than $1.4 million if he/she lives 30 years.Now you agree that is REAL money, correct? These amounts may be increased or decreased by decisions made early in the process – long before boomers realize the lifetime impact of their decisions.As you can clearly see in the chart below, a married couple who claims reduced benefits at age 62 could end up leaving hundreds of thousands of dollars on the table if they live into their 90’s. On the other hand, claiming early benefits make sense when coordinating spousal benefits, planning for a shorter life expectancy, or if the money would be invested rather than spent.The bottom line is Social Security is very complex. Each case must be analyzed individually and coordinated with the rest of your financial plan. We have the experience to help you navigate through the labyrinth of rules and help you make correct decisions.Click here to see how your Social Security benefits are calculated!