5 Tips to Maximize Your Social Security Payment

This video discusses five highly effective tips to maximize your Social Security retirement benefits. "5 Tips to Maximize Your Social Security Payment" discusses the Primary Insurance Amount, the Spousal Benefit, reducing or eliminating taxes on Social Security, how much you can earn before the SSA reclaims some or even all of your Social Security payment and how and when to use sophisticated software to analyze and organize all of your financial information so that you can make the best Social Security claiming decision for you and your family.

00:00 Introduction
00:53 Formula: How Waiting to Collect Increases your Social Security Benefit
01:13 Social Security Breakeven Points
01:59 Male and Female Lifespan for Social Security Estimates
03:07 Social Security Survivor Benefit
03:29 How to Maximize the Social Security Spousal Benefit
04:46 How to Minimize Taxation on Social Security Benefits
09:56 Social Security 2023 Earnings Test
11:12 Why Financial Planning Software is SO Important

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[dougb]

My wife didn't earn much, but is older than me, to the point she's above her FRA. I didn't realize until recently, that I could retire early and she is already at her maximum claiming age against my SS money. That was mind-blowing, and took some trepidation over retiring early off my shoulders. Thank you for clearly elucidating that point.

[r.l.]

Excellent video series. I like that you don't patronize the viewer and dive straight in to the details. I often stop the video and scrub backward to reinforce the message. Thanks!

[tcbridges]

I watch every video you have done for us since you started up and every week can't wait for the next one. Many of your videos i have watched over and over. Thank You for all your effort with helping us learn from your wisdom.

[gmprouse]

Wonderfully useful video! Thanks for explaining tax strategies in understandable terms!

[hipsterkennyrogers]

In Colorado, if you are over 65, does not tax social security income. This new rule took effect last year.

[thomasg]

I’ve been watching for about 2 years and your info is extremely helpful. Having a Vanguard FA AND access to your videos is very comforting. My wife and I have been living off of savings since retiring in 2020 and starting next year we will start SS and 401k/IRA distributions and we will be able to “give ourselves” a nice raise! If people would understand that “financial planning” is actually kind of fun, people would be less stressed about their futures. Our only “tricky” issue is health insurance but I just got on Medicare and for her coverage?…well, we “play the game” and keep our “income” to a minimum.
Sorry…off topic….
Keep up the great videos! Thanks again, Geoff!

[shanechostetler]

Your knowledge on this is amazing, especially how easily you presen5 it! Thank you!

[markbrown]

I really look forward to your videos for your insights! Great information, Sir.

[TheFirstRealChewy]

Keep in mind that delaying collectiong social security is not the same as delaying retirement. If our investments go as planned, we'll retire around 60-62 and delay collecting social security until 70. That does depend on how our health is looking by then, but we are at least planning to live longer than age 82.

[sjohnson]

Thanks! You are making a difference. Helping each other is patriotic. You speak my language.

[mltnetwork]

Thank you. This is very helpful and informative!!

[jhors]

Thank you for posting this helpful video

[jeffgreagrey]

Washington State has no state income tax or SSA tax that I could find either on your list.

[mikeconner]

Geoff I would really like to thank you for taking the time and effort to put out these highly informative and pleasantly presented videos. This one is so relevant I had to take notes.

[reebeeable]

The decision on when to claim SS is tough when the higher earner is significantly younger. I am the higher earner but will wait to claim until age 70. That means my husband doesn’t get the $400/mo bump he will be entitled to until I retire so we miss out on that for five years. My life expectancy is longer so it probably makes sense for me to wait but the breakeven calculation means I need to live a very long time. That’s my plan of course! Thanks to your videos I understand my options.

[gmp]

These videos are extremely helpful. Also, Washington state doesn't have a state income tax.

[lynnew]

Thanks for another great video. They are so informative and I appreciate all the work you put into bringing us great content.

[jefflloyd]

Great as usual. Nearly always better to wait until 70. It is tax advantaged longevity insurance, and waiting gives bigger roth roll over window if needed.

[cindimeyers]

You are the first one that explained clearly the spousal benefit when the main earner is younger. Thank you so much.

[justrusty]

Please clarify - Let's assume that both spouses are the same age: The Spousal Benefit is capped at 1/2 the higher earning spouse's FRA benefit, so in that case the higher earning spouse waiting to 70 does not increase the spousal benefit (though it does increase their own benefit). However, the survivor benefit is whatever the deceased spouse's actual benefit, so in that case, waiting until 70 does increase the survivor benefit. Is this true? Or is the survivor benefit capped at FRA benefit of the deceased spouse?