Social Security provides inflation-adjusted income for the rest of an individual’s lifetime after retiring. Coupled with your retirement savings, and any pension you are receiving Social Security is often a crucial role in our client’s 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 off of 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 on a monthly basis. For example, if you reach FRA at age 66 but delay claiming until age 70 you will increase your monthly benefits by 32%! That’s 8% extra for each year you delay claiming.
There are literally thousands of claiming scenarios that you should consider prior to claiming your social security benefits so that you can maximize your social security income. Stonehenge Advisor Group LLC. understands that there are several factors that come into play when deciding whether to claim early or waiting and can help you make the smartest and safest decision for you.
Get started planning your social security maximization today with one of our free seminars or by giving us a call at (610) 287–4869.
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