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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