We had a client who was planning to work an extra year to boost her Social Security benefit.
When we ran a Social Security benefit analysis, the difference between retiring at 64 vs. 65 was only $23 per month.
That’s a much smaller impact than most people expect.
▶️ Watch our latest webinar, “Optimizing Social Security: Smart Planning Tips” with Emily Palmer, CFP®, RSSA®, EA to learn what actually affects your benefit amount and how to better navigate your Social Security decisions.
If you would like help navigating your Social Security benefit estimates and filing strategies, reach out to us! We are happy to help walk you through your questions.
▶️ If you missed the live webinar, watch the replay below or on our YouTube channel here!
Chapters:
00:00 Intro
01:28 Optimizing Social Security Webinar Intro
02:06 Qualifying for Social Security
05:18 Important Terms to Know: Full Retirement Age (FRA) and Primary Insurance Amount (PIA)
08:33 Social Security Benefit Statement
13:38 Social Security Earnings Record
14:21 How is Your Social Security Primary Insurance Amount (PIA) Calculated?
15:04 PIA Calculation Steps 1-2: Acquire Earnings History and Index Earnings
18:49 PIA Calculation Step 3: Calculate Average Indexed Monthly Earnings (AIME)
19:12 PIA Calculation Step 4: Apply Bend Points
19:39 PIA Calculation Step 5: Calculate PIA
25:06 Summary of Benefits: Average and Maximum Benefit Amounts in 2026
29:01 Social Security Planning: Cost of Living Adjustment (COLA)
31:40 Social Security Retirement Benefits
31:22 Spousal Benefits
35:27 Ex-Spousal Benefits
36:43 Survivor Benefits
39:23 Survivor Benefits vs. Spousal Benefits
40:04 Taxation of Social Security Benefits
41:37 “No Tax on Social Security”
42:55 SSA Program Solvency: 2025 Trustee Report
45:26 SSA Program Solvency Proposals
47:19 Navigating Social Security: Recommendations
Q&A
50:47 How much lower as a percentage will my benefit generally be if I retire 10 years before my social security full retirement age? Is it significant or not very much?
51:41 How do RMDs or QCDs affect the taxation of my social security benefits?
53:30 Does your benefit continue to grow if you work while receiving benefits?
55:34 Does Social Security offer any do-overs after filing? Is it an irreversible decision?
