Social Security is a key source of retirement income for many people. However, with annual adjustments, shifting timelines, and a range of benefit options, understanding when and how to claim Social Security can be complex. As you look ahead to retirement, it's important to make informed choices that reflect your financial goals and personal circumstances.
In our recent webinar, we walked through smart strategies to help you while you’re planning. Whether you’re nearing retirement or simply starting to think ahead, here are a few highlights from the session.
Key Takeaways
How Benefits Are Calculated
Your Social Security benefit is shaped by your 35 highest-earning years and the age you choose to start receiving it. Claiming earlier means a smaller monthly check, while waiting gives your benefit time to grow.
When to Claim
You can begin as early as age 62, but holding off until your full retirement age (66–67) — or even up to age 70 — can boost your income over the long run. The right timing depends on your health, lifestyle, and overall plan.
Benefits for Spouses & Survivors
Social Security offers important support for families, including spouses, divorced individuals, and widows or widowers. In many cases, delaying the higher earner’s benefit can provide a stronger financial foundation for a surviving spouse.
Working While Receiving Benefits
If you claim early and continue working, Social Security may temporarily withhold part of your benefit. It’s not lost — it’s simply adjusted and added back into your payments later on.
The Future of Social Security
Experts expect lawmakers to make adjustments in the years ahead to maintain the program. Benefits aren’t expected to disappear, and Social Security will remain a meaningful part of many retirement plans.
Planning with Confidence
Deciding when and how to claim Social Security is a personal choice — and it’s most helpful when it fits naturally into the rest of your financial plan. Whether you’re just exploring your options or getting ready to file, having a clear strategy can give you more confidence about the years ahead.
At CommunityAmerica, our Wealth Advisors are here to help you understand your benefits, look at how Social Security fits into your overall retirement picture, and build a plan that supports your long-term goals.
If you’d like guidance tailored to your situation, you can schedule a free consultation with a CommunityAmerica Wealth Advisor. Together, we’ll create a strategy that feels right for you.
Watch the full webinar recording below.
