Social Security Maximization

The biggest effect you can have on your Social Security benefit is selecting the optimal time you claim.

The greatest fear for most Americans today is not death, but the risk of outliving their assets during retirement – 61% in fact*. If you happen to fall into that statistic, you may be wondering what the best strategy is to maximize your social security benefits and create a financial plan that can help minimize your taxes so you can live the prosperous retirement you’ve always dreamed of.

The biggest effect you can have when maximizing your benefits is the time you claim. You have the option to claim social security anywhere between the ages of 62 and 70. The longer you wait, the more benefit you will receive.

For example, if a person receives $2,000 per month in social security at their full retirement age of 66, they would receive 25% less – or $1,500 - if they had signed up at age 62. If they waited until age 70 to collect, they’d receive $2,640 per month – that’s a 32% increase compared to their full retirement age benefits! And over $1,100 of what they would have received at age 62.

Another possible way to get the most out of your social security income would be to utilize spousal payments. If you’re looking to postpone receiving benefits because you want to minimize your taxable income and maximize the amount of benefits you receive later down the road, you can choose to file and suspend payments now until a later date. Please see your investment professional for limitations on file and suspend rules, not everyone qualifies for file and suspend due to the Bipartisan Budget Act of 2015.

By filing now, your spouse then becomes eligible for spousal payments. This strategy works best when one person has a higher earnings history while the other one is younger and has had little or no earnings.

If you’re looking to continue working while receiving social security, a factor that we will need to consider is something called the retirement earnings test. The government sets an annual exempt amount that you can earn within a year without having your social security lowered. That exempt amount is increased dramatically when you reach your full retirement age.

And since your social security benefits are calculated from the top 35 years you’ve earned the highest amount of income, you have the potential to increase your social security in the long-run by continuing to work.   

 
There are other strategies to maximize your social security, but there is no one size fits all plan. Some of our clients are better off claiming social security at age 62 while others at 66, or even 70.

We’ll work together with you and create a blueprint of your optimal retirement age and decide what strategy to take to maximize your social security.

Please contact us and fill out the form to show your interest. We will reach out to you within 24-48 hours to discuss further on our Social Security maximization services.

* Allianz Financial Whitepaper: Reclaiming the Future Study

The hypothetical case study that may be shown are for illustrative purposes only and should not be deemed a representation of past or future results. This example does not represent any specific product, nor does it reflect sales charges or other expenses that may be required for some investments. No representation is made as to the accurateness of the analysis.

Merit Advisors, LLC | Westerville, OH

Recommended

Videos

Books

Articles

Contact

Merit Advisors Info

Email Us

Request Appointment

Advisory services offered through LifePro Asset Management, LLC, a registered investment adviser. For registration information on our firm, please go to https://adviserinfo.sec.gov/ and search for LifePro Asset Management, LLC or by our CRD # 285252. Advisory services are only offered to clients or prospective clients where LifePro Asset Management, LLC and its representatives are properly licensed or exempted.

Guarantees provided by insurance products are backed by the claims paying ability of the issuing carrier. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are NOT FDIC insured.

Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Advisor), will be profitable or equal any historical performance level(s).

Information throughout this internet site, whether charts, articles, or any other statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Neither our information providers nor we shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission thereof to the user. 
 

To the extent that this website concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstance.

 

This website is provided for general information and educational purposes based upon publicly available information from sources believed to be reliable. The information presented may change at any time and without notice.

 

The information and comparisons that may be presented on this site and any printable forms are not securities-related and the topics presented do not participate in the stock market nor are they stock market investments. Any guarantees are backed by the claims-paying ability of the insurance company and are subject to change. The real life cases presented are for informational purposes and illustrative purposes only. They should not be deemed a representation of past or guarantee future results. The cases do not represent any specific product, nor do they reflect sales charges or other expenses that may be required for some policies. No representation is made as to the accuracy of the analysis. All investments involve varying levels and types of risks. These risks can be associated with the specific investment, or with the marketplace as a whole. Please speak with a qualified advisor about the risks and your personal situation.

Copyright © Merit Advisors, LLC. All rights reserved.               Privacy Policy     |     Terms and Conditions     |     Contact Us