Maximizing Your Social Security: What Every Future Retiree Should Know

At Onyx Bridge Wealth Group, one of the most common questions we hear from clients approaching retirement is: “When should I claim my Social Security benefits?”

There’s no one “right answer”. The best claiming strategy depends on factors like your health, life expectancy, work plans, retirement savings, marital status, and broader financial goals. Working with an advisor who knows how to plan for the Social Security portion of retirement could add a tremendous value to the recipients.

1. Know Your Full Retirement Age

Your Full Retirement Age (FRA), generally between ages 66 and 67 depending on your birth year, is when you’re eligible for your full Social Security retirement benefit.

Claiming before FRA generally results in a reduced monthly benefit, while delaying benefits beyond FRA may increase your monthly benefit under current rules until age 70. If you choose to delay Social Security past age 65, remember that Medicare enrollment rules are separate, and delaying Medicare coverage could result in additional costs for some individuals.1

2. Weigh the Trade-offs of Delaying

A larger monthly check is appealing, but delaying isn’t automatically the right move for everyone.

Health and family longevity, how soon you need the income, and how long you can rely on other savings all factor into whether waiting makes sense. Someone in good health with other income sources might benefit from delaying; someone who needs the income sooner, or has reason to expect a shorter retirement, might reasonably claim earlier despite the smaller monthly amount.

3. Working While Receiving Benefits

Some individuals continue working while receiving Social Security benefits.

However, those who claim benefits before reaching FRA may be subject to annual earnings limits established by the Social Security Administration. Benefits may be temporarily reduced if earnings exceed those limits.

Once Full Retirement Age is reached, those earnings limits no longer apply under current law.

4. Your Earnings History Matters

Social Security retirement benefits are generally calculated using an individual’s highest, not the last, 35 years of earnings.

Reviewing your earnings history periodically may help ensure that your Social Security record accurately reflects your work history and reported income. Missing years are counted as zero, so verifying your earnings history is an important part of the retirement planning process.

5. Married Couples Have Additional Planning Angles

For married couples, Social Security planning involves more than a single benefit calculation. Factors that typically come into play include:

• The age difference between spouses
• Each spouse’s individual earnings history
• Survivor benefit considerations when one spouse passes away
• The household’s overall income needs in retirement

Coordinating both spouses’ claiming decisions, rather than deciding independently, often opens up options and could increase the monthly take home amounts that wouldn’t otherwise be available.

What About the Future of Social Security?

Headlines about Social Security’s long-term funding are common, and it’s natural to wonder how potential changes might affect your benefits.

Future legislative changes to the Social Security program are uncertain, and it is not possible to predict whether changes will occur or what form they might take. Individuals should recognize that Social Security rules and regulations may change over time.

Rather than basing decisions on speculation about future legislation, it’s generally more productive to build a retirement strategy flexible enough to adapt if and when changes occur.

Before making the decision to retire, we encourage you to have a conversation with us. Some, like me, have devoted much of our practice and energies to learning the ins and outs of the Social Security system to be a resource in one of the more important decisions and phases of your life. Don’t retire without it!

1. https://www.ssa.gov/benefits/retirement/planner/agereduction.html

Paul Maynor, CFP®, APMA®, CHFC®, CASL®

About Onyx Bridge Wealth Group
Onyx Bridge Wealth Group is a private wealth advisory firm based in Tarrytown, NY, dedicated to building meaningful relationships and guiding clients toward their strongest financial futures.

As highlighted in this month’s Advisor Spotlight, Paul Maynor exemplifies our commitment to personalized advice, thoughtful planning, and client-first service.

Our mission is to approach every client relationship with honesty, confidence, and care, protecting your financial interests and helping connect them to your core goals so you can focus on what you do best.

To start the conversation, contact us here, email Info@OnyxBridge.com, or reach out directly to Paul at PMaynor@OnyxBridge.com.