There’s a lot of misinformation out there about Social Security. People receive information from a variety of different sources and often don’t know which information applies to their specific scenario.
That’s why it’s critical to use a Social Security Optimizer to help you maximize your retirement benefits. It should take into account all applicable Social Security laws, you and your spouse or ex-spouse’s birthdays, and life expectancies.
To optimize your custom filing strategy, consider three key variables:
- Consider your Primary Insurance Amount, also called your PIA This is calculated from your top 35 years of working at a job that paid into Social Security.
- Consider any non-covered pension amount from working at a job that did not pay into Social Security. Having a non-covered pension amount will reduce the amount of retirement benefits that you receive from the Social Security Administration.
- Consider Delayed Retirement Credits, also called DRC’s. Postponing collection of benefits can earn you an additional 8% in DRC’s every year that you delay filing until age 70.
When choosing a filing strategy, I will work with you to help bridge the gap in income that may result from a delay in filing. It’s not only about when and how to file, it’s about all the layers of your retirement income working together to get you a tax-smart retirement paycheck.
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About Andy
Andrew Tapparo is a fee-only financial advisor at Tapparo Capital Management, a financial planning firm in Topsfield, MA, helping clients turn their savings into a retirement income that lasts. Inspired by the quote “Choose a job you love, and you will never work a day in your life,” Andy founded Tapparo Capital Management in 1997 with a passion for helping clients enjoy a truly worry-free and fulfilling retirement and experience financial freedom. As a Retirement Income Certified Professional (RICP®), he designs retirement strategies along with sound money management to help clients retire with confidence.
Andy holds a Bachelor of Science in Industrial Engineering from Rochester Institute of Technology in Rochester, New York, and a Master of Science in Finance from Bentley University in Waltham, Massachusetts. Specializing in retirement income planning, Andy completed a comprehensive financial industry education program at The American College of Financial Services and was awarded the Retirement Income Certified Professional® designation. He is frequently quoted in the media as a financial expert.
Andy and his wife, Susan, live in Topsfield, Massachusetts, and have two beautiful daughters. Outside of work, he is an automobile enthusiast, enjoys taking road trips, and loves the Outer Banks of North Carolina. In his spare time, he volunteers with the local high school varsity girl’s basketball team as the team statistician and runs the team’s website. He is passionate about supporting charities that serve our veterans and their families. To learn more about Andy, connect with him on LinkedIn.
