Social Security Planning
Guidance and Strategies for St. Petersburg and Clearwater, Florida Seniors
Fiduciary First Advisors’ carefully considered retirement planning guidance and strategies aim to help clarify your questions about optimizing Social Security benefits. Your situation is unique, and our dedicated advisors with a fiduciary responsibility are committed to providing you with clear approaches to help plan for your life today and for future retirement needs.
How Does Social Security Planning Fit Into Retirement?
Social Security planning plays a vital role in comprehensive retirement plans and includes several decision points:
- Finding the best time to claim Social Security
You may decide to begin receiving benefits at age 62. Or, you may wish to delay taking Social Security. If you strive to maximize your benefit, each year you wait adds to the amount you are eligible to receive per month until age 70.
Our advisors’ Social Security planning guidance may also take into account options for you and your spouse. For example, one spouse may want to begin receiving benefits at age 62, which could assist the couple with immediate income needs. The other spouse may decide to continue working until age 70, delaying receipt of Social Security to potentially build more monthly income for the future.
- Paying taxes on Social Security to maximize benefits
2025 tax changes make Social Security benefits effectively tax-free for many seniors aged 65 and older. High-income seniors may still owe federal taxes on a portion of their benefits. Our experienced advisors work to help you navigate these tax law changes to determine how (or if) they affect your retirement income. This tax law provision is scheduled to extend through the 2025–2028 tax years.
- Balancing overall income needs versus Social Security income
Social Security is one part of your retirement income equation. Your personal savings/investments, annuities, and other income sources potentially complement your Social Security income or may be used to help you delay when you begin receiving Social Security.
- Navigating Social Security, Medicare, and IRMAA
Higher earners may be affected by IRMAA (Income-Related Monthly Adjustment Amount), a surcharge that at times increases your Medicare Part B and Part D premiums based on your income from two years prior. As your financial advisor with a fiduciary responsibility, Fiduciary First Advisors seeks to help you coordinate income timing, with the goal of potentially avoiding or minimizing IRMAA.
Choose Fiduciary First Advisors for Your Social Security Planning Needs
Get your free Social Security planning consultation.
Our St. Petersburg and Clearwater, Florida retirement planning services are designed to turn questions into personalized guidance. Through our fiduciary obligations, dedication to your needs, and experience with Social Security planning in all market environments, we offer you a holistic approach for achieving near- and long-term goals.
We invite your inquiries. Fiduciary First Advisors doesn’t use high-pressure sales tactics. We are always upfront about our fees and our methodology.
Next step? Call me, Shaun Mathena, CEO of Fiduciary First Advisors, for a free consultation at 727-591-1099.
