Did you know that timing matters when it comes to maximizing your Social Security benefits? And that HoyleCohen is able to utilize our in-house software to provide you with an illustration on the most optimal strategy based on your personal situation to help you maximize your lifetime benefit? Making the appropriate selection when applying for Social Security can translate into a significant difference in the income you receive over your lifetime.

There is a list of items to consider when applying for Social Security:

• Marital status: Single, Married, Divorced or Widowed?
• Life expectancy: Current health status
• Other income sources: Depending on when you claim, this could affect the taxability of your benefit.
• Current Age
• Employment Status
• Existing assets
• Current tax bracket

In order to receive your full Social Security benefit, you have to wait until your full retirement age, which begins at age 66 for those born between 1943-54 and begins to increase to age 67 thereafter. Claiming as early as age 62 will reduce your benefit by 25%, while delaying to age 70 will increase your benefit by 8% for each year you wait to claim between full retirement age and 70.

There are a variety of unique strategies one can use when filing that look at spousal benefits, file and suspend strategies and more.

At HoyleCohen, we’re able to perform an analysis that displays your break-even point, a side-by-side comparison of strategies and provides insight into the options available to you.
If you’re nearing a time when it’s important to begin deciphering the details behind your claiming strategy, contact your advisory team and they’ll be happy to incorporate this information and recommendations into your next annual review meeting.