Maximize Your Benefits
Social Security is a linchpin of financial security for many retirees. What many struggle to understand are the strategies you can leverage to maximize your Social Security benefits and secure a more comfortable retirement.
Understanding Your Social Security Options
- Full Retirement Age (FRA): This is the age at which you’re eligible to receive your full Social Security benefit. FRA varies by birth year (typically between 66 and 67). To learn more, visit www.ssa.gov/benefits/retirement/planner/agereduction.html
- Early Retirement: You can begin receiving benefits as early as age 62, but this can permanently reduce your monthly benefit amount.
- Delayed Retirement: If you can wait past your FRA, your benefits can increase by 8% per year up to age 70. This can significantly boost your lifetime Social Security income.
Strategies to Maximize Social Security Benefits
- Maximize Your Earnings: Your Social Security benefit is based on your highest 35 years of earnings. Earning a higher salary throughout your career, or working a few more years at your peak earnings potential, can increase your benefit amount.
- Work Past Your FRA: Continuing to work and pay Social Security taxes can boost your benefit, especially if your earlier earnings were lower.
- Coordinate with Your Spouse: Married couples can develop claiming strategies to maximize their combined Social Security benefits. Consider spousal and survivor benefits.
- Understand Taxation on Social Security: When you claim Social Security might impact your tax bracket. Depending on your combined income (including Social Security), up to 85% of your benefits could be taxable, affecting your overall retirement income. Worse, if you take Social Security before Full Retirement Age while still working, your benefits can be reduced until your FRA.
- Consider Spousal Benefits: If your spouse earned significantly more, you may be eligible for a higher spousal benefit based on their earnings record.
- Seek Professional Guidance: A financial advisor at McAdam Financial who focuses on decumulation strategies can analyze your situation and recommend claiming strategies designed to maximize your overall Social Security benefits.
McAdam Financial: Your Trusted Guide to Social Security
At McAdam Financial, we understand the critical role Social Security plays in your retirement plan. Our experienced advisors can help you:
- Understand your Social Security options and claiming strategies.
- Develop a personalized plan to help maximize your Social Security benefits.
- Coordinate your Social Security benefits with other retirement income sources to help minimize your tax burden.
- Ensure a secure and comfortable retirement future.
Unleash the Full Potential of Your Social Security
Don’t settle for less than you deserve. We’ll guide you through the intricacies of Social Security and help you unlock its full potential for your retirement journey.
Call 855-MCADAM5 now! Or click to schedule your consultation online.
Written by McAdam Financial as of 6/18/24. This article is provided by McAdam LLC (“McAdam” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. No portion of this article is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax, or legal advice. Certain information contained in this report is derived from sources that McAdam believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Investment advisory services offered only by duly registered individuals of McAdam, LLC, a registered investment advisor. Insurance products and services offered through McAdam Financial. McAdam, LLC and McAdam Financial are not affiliated with MAS.