Social Security
Maximizing benefits
We explore all options and help you identify the best approach to maximize your benefits while minimizing taxes.
Understanding Social Security
Filing for Social Security can be complex
You can start receiving benefits as early as age 62, but doing so might reduce your monthly benefit significantly. Alternatively, each year you wait past your full retirement age (up to age 70) could increase your benefit. However, this also means not accessing potential income during those years.
When Should You File?
The right time to file for Social Security depends on your unique circumstances. Considerations include:
- Your financial needs and retirement goals
- If your spouse is filing for spousal benefits, their timing might influence your strategy
Taxes on Social Security benefits
Even in retirement, Social Security benefits can be subject to taxes. The taxable amount depends on your overall income, with up to 85% potentially taxed. We create a personalized retirement income strategy that incorporates Social Security as part of the larger picture, aiming to optimize your total income while minimizing tax burdens.
Ready to explore how Social Security fits into your strategy?
Let’s work together to develop your income approach.
