Optimizing Social Security Retirement Benefits

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ReJoyce Financial
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Serving as president and CEO with ReJoyce Financial, Alexander Joyce meets the needs of wealth management clients spanning a diverse range of backgrounds. Engaging personally with residents of Carmel, Indiana, Alexander Joyce capably guides clients in strategies for maximizing Social Security and ensuring an optimal transfer of wealth through the generations.

While Social Security retirement benefits may be accessed from age 62, it pays to wait as long as possible. The payment increases by more than three-quarters among those who wait until 70 to access delayed retirement credits. This includes eight percent each year, in addition to any inflationary adjustments that may have accrued.

It also makes sense to explore eligibility for “spousal” or “survivor” retirement benefits that are available to those who have married, widowed, or divorced. The full spousal benefit is the equivalent of half of the retirement benefit due to the partner. A major pitfall to avoid is filing for two benefit types at the same time, as only the larger of the two will then be collected. The smart strategy usually involves claiming the smaller benefit first, followed by the larger benefit after the smaller has been distributed over a period of years.