Maximizing Social Security Benefits is pivotal for securing financial stability in retirement. Social Security provides inflation-adjusted income for the rest of an individual’s lifetime after retirement. Coupled with your retirement savings and any pension you are receiving, Social Security often plays a crucial role in your retirement income, and there are many issues to consider when deciding to claim benefits.
Two very important factors to consider when claiming social security benefits are your primary insurance amount (PIA) and your full retirement age (FRA).
Your PIA is the amount of monthly income you will receive upon reaching retirement age. This amount is based on your lifetime earnings and can either increase or decrease depending on when you claim your Social Security benefits. By waiting until you reach FRA or after you increase the amount of benefits you’ll receive every month. For example, if you reach FRA at age 66 but delay claiming until age 70, your monthly benefits will increase by 32%! That’s 8% extra for each year you delay claiming.
There are thousands of claiming scenarios that you should consider before claiming your social security benefits so that you can maximize your income. Stonehenge Advisor Group LLC understands that several factors come into play when deciding whether to claim early or wait and can help you make the smartest and safest decision.
Get started planning your social security maximization today with one of our free seminars or by giving us a call at (610) 287-4869.
