Social Security

Maximization

Every individual's situation is unique, and there is no one-size-fits-all approach when it comes to social security maximization. We are here to come up with a plan with you to maximize your Social Security while giving you the ability to have a comfortable life. Here are a few strategies we consider:


  1. Working for at least 35 years, since Social Security is calculated based on your highest 35 years of earnings.
  2. Delaying claiming benefits. Though Social Security benefits are available as early as age 62, waiting until 70 will result in the highest monthly payment.
  3. If you are married, divorced, or widowed, you may be able to claim spousal or survivor benefits. You will also want to coordinate with your spouse if you both are eligible.
  4. Optimize taxation - if you have retirement account withdrawals or investment income, you will need to consult with a financial planner to think strategically around when and how much to withdraw your Social Security.
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FAQs

Got a question? We’re here to help.

  • What is the maximum social security benefit amount I can receive?

    The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.

  • How is my social security benefit amount calculated?

    To calculate your benefit amount, the SSA uses a formula that takes into account your highest 35 years of earnings. If you worked fewer than 35 years, zeros are used for those years. The SSA adjusts your earnings for inflation and then calculates your Average Indexed Monthly Earnings (AIME).


    After calculating your AIME, the SSA applies a formula to determine your Primary Insurance Amount (PIA). The PIA represents the monthly benefit you would receive if you start claiming benefits at your full retirement age (FRA). The FRA depends on the year you were born.


    If you claim benefits before or after your FRA, your benefit amount may be reduced or increased. Claiming benefits before your FRA can result in a permanent reduction in your monthly benefit, while delaying benefits beyond your FRA can result in increased monthly benefits.

  • Will my social security benefits be taxed?

    Yes. If you are single and your combined income falls between $25,000 and $34,000, then up to 50% of your Social Security benefits may be taxable. If your combined income exceeds $34,000 as a single filer or $44,000 as a joint filer, then up to 85% of your Social Security benefits may be taxable.

  • Can I work and receive social security benefits at the same time?

    Yes, you can work and receive Social Security benefits at the same time, but if you start receiving benefits before reaching your full retirement age (FRA), your earnings may affect the amount of benefits you receive.

  • Will my social security benefits increase with inflation?

    Yes, Social Security benefits are adjusted annually to keep pace with inflation.

Social Security Report

Curious how you could maximize your Social Security? Fill out a short survey and we will send you a personalized report. You can also download our sample report.

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