Social Security Planning

For many retirees, Social Security benefits serve as the bedrock of income during retirement. Proper planning for Social Security ensures that you maximize your benefits and make informed decisions about when to claim them, thereby optimizing your overall retirement income strategy.

It can be difficult to determine the best way to maximize payments, as the system is quite complex. 

If you are married or divorced, there are even more challenges and optimizations that can be made. We can help you determine the best age to claim Social Security so you can make a graceful transition into your retirement. Don’t assume you have to work until your late 60s or that you should claim Social Security payments at 62. 

There might be a happy medium between these two extremes that makes more financial sense for you. Our goal is to ensure we find the right balance between your working years and a comfortable retirement age.

Social Security offers spousal benefits and survivor benefits, which can be crucial for married couples and individuals who are widowed. Planning for these benefits allows you to optimize your household’s overall Social Security income and provide financial security for surviving spouses. Benefits may be subject to federal income taxes, depending on your total income.

Planning for Social Security involves understanding the tax implications of your benefits and implementing strategies to minimize your tax liability in retirement. Delaying Social Security benefits can result in higher monthly payments from avoiding a penalty when turning it on early, but also increase benefits each year you delay beyond full retirement age (up to age 70). Social Security planning involves weighing the trade-offs of claiming benefits early versus delaying them to maximize your overall lifetime benefits.