Social Security Services
Maximizing your benefits to fund your retirement.
Understanding Your Benefits & How They May Impact Your Retirement
Your retirement income puzzle may include many different sources. It’s likely that Social Security will be one of them. More than 70 million Americans receive Social Security benefits¹.
You can file for benefits as early as 62, but doing so could reduce your benefit amount². You could also increase your benefit by waiting longer to file, but that means missing out on years of benefits.
There’s no easy filing option that is right for everyone. We help you explore all your options and fight the right strategy to maximize your benefits.
When should you file?
You can file for benefits as early as age 62². It may be tempting to file as soon as you’re eligible. However, if you do file before your full retirement age (FRA), you’ll see a permanent reduction in your benefit. In fact, if you file at age 62, your benefit could be reduced as much as 30%².
You can also wait as late as age 70 to file for benefits³. Doing so can pay off, as your benefit increases 8% per year for every year you wait past your FRA³. However, that also may mean going several years in retirement without Social Security income.
When should you file? That depends on your specific needs and circumstances. In some situations it may make sense to wait. In others, there could be good reasons to file as early as possible.
If your spouse will be filing for spousal benefits, that adds another element to the equation. The right time for him or her may not be the right time for you.
We gain a full understanding of your needs, goals, and circumstances so we can fully explore your options. We then recommend the filing strategies that will best help you reach your goals.
Social Security can be complex, but we’re by your side through the whole process so you can live the retirement you’ve always imagined.
Social Security & Taxes
Are Social Security benefits taxable? Potentially. That’s right. Even though you’re retired, you could still face income taxes on your Social Security benefits.
The taxes on your Social Security benefits are based on your income. The higher your income from various sources, the greater the percentage of your Social Security benefit that is taxable. In fact, up to 85% of your benefit could be taxed as income⁴.
Your retirement income strategy is a puzzle with multiple pieces that can fit together in multiple ways. We develop and implement a strategy that maximizes your income, protects your assets, and reduces tax exposure as much as possible.
That includes strategizing your Social Security benefits as a piece of the larger puzzle, not only to maximize benefits but to reduce tax liabilities.
Let’s connect today to develop your retirement income strategy and explore your Social Security options.
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¹https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/
²https://www.ssa.gov/oact/quickcalc/earlyretire.html
³https://www.ssa.gov/benefits/retirement/planner/delayret.html
⁴https://www.ssa.gov/benefits/retirement/planner/taxes.html
⁵https://www.cnbc.com/2021/09/01/americans-are-behind-on-retirement-savings-heres-how-to-get-on-track.html
⁶https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs
⁷https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-retirement.htm
Advisory Services Offered Through CreativeOne Wealth, LLC an SEC Registered Investment Advisor. Trinity Financial Group and CreativeOne Wealth, LLC are not affiliated.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 22219 - 2022/9/13
Investing involves risk, including the loss of principal. No Investment strategy can guarantee a profit or protect against loss in a period of declining values. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity products are backed by the financial strength and claims-paying ability of the issuing insurance company.
Trinity Financial Group does not provide legal advice and cannot draft legal documents. We work with experienced CPA’s, tax planners and estate planning attorneys who develop the legal documents that express a client’s estate planning intentions. We are pleased to work with a client’s current estate planning attorney, CPA®, and other advisers.