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Optimize Social Security Benefits

SOCIAL SECURITY ANALYZER
With no pension to rely on, Social Security is an essential source of income in retirement. Did you know that claiming your retirement benefits early at 62 could mean missing out on a sizable chunk of cash? In fact, waiting until your Full Retirement Age (66-67) means receiving 25% to 30% more in benefits. And by holding off on claiming until age 70 you can see another 24% increase in monthly payouts.

Understanding Social Security's impact on your financial future is critical

Pension decline is leading retirees to make suboptimal decisions about when to claim Social Security

Social Security makes up a whopping 1/3rd of all income received by retired Americans, amounting to $1 trillion in benefits every year. As large a figure as that is, if more individuals waited to enroll they could receive even greater financial benefits, as monthly payouts increase the longer you delay claiming. It may just pay off in the long run to hold out a little longer before diving into the Social Security pool.
4%
Only 4% of Americans wait until age 70 to claim their maximum monthly benefits*
57%
of retirees would build more wealth if they waited to claim until they were 70 years old*
50%
Elderly poverty could be cut in half if all retirees claimed at the financially optimal time*

Americans Sacrifice $3.4 Trillion by Claiming Social Security Too Soon*

Top 2 Social Security Terms To Know

Primary Insurance Amount (PIA)
Based on your specific work history, this is the amount you'll receive if you choose to start collecting benefits at your full retirement age (FRA). Early Claim vs. Late Claim If you choose to claim "early", between 62 and FRA, your benefit is reduced 5/9ths of 1% for each month before FRA, up to 36 months. If the number of months exceeds 36 then the benefit is further reduced 5/12ths of 1% per month. Example: if the number of reduction months is 60 when you claim (the maximum number for retirement at 62 when FRA is 67), then the benefit is reduced by 30%. Delayed, or "late" retirement credits kick in the month you hit your FRA, and for every month you delay filing for benefits up to age 70 your benefit increases by 2/3rds of 1%. That's an impressive 8% for each year you wait. Example: if 67 is your FRA but you delay claiming until age 70, you will receive a 24% increase to your PIA.
Full Retirement Age (FRA)
The age at which retirement benefits are equal to the "Primary Insurance Amount" (PIA) depends on your birth year.
Birth Year
FRA
1943-1954
66
1955
66 & 2 months
1956
66 & 4 months
1957
66 & 6 months
1958
66 & 8 months
1959
66 & 10 months
1960 & later
67

How PIA and FRA are connected

  • Age 62
    Early Claim - Minimum Benefit
    Receive 70% of PIA
  • b/w Ages 66-67
    FRA Claim - Full Benefit
    Receive 100% of PIA
  • Age 70
    Delayed Claim - Maximum Benefit
    Receive 124% of PIA

Social Security benefits depend on WHEN you claim

Assumptions: Born in 1960 with a PIA of $2,000
Age At Claim
% of PIA
Monthly Benefit
62
70%
$1,400
63
75%
$1,500
64
80%
$1,600
65
86.7%
$1,734
66
93.3%
$1,866
67
100%
$2,000
68
108%
$2,160
69
116%
$2,320
70
124%
$2,480

Pop Money Quiz

As of February 2024, the national average for a monthly Social Security benefit of a 65 year old retiree was? A) $2,648 B) $1,995 C) $2,274 D) $1,910
Answer: D) $1,910 That monthly figure adds up to $22,920 annually...the equivalent of an hourly worker being paid $11.46 per hour. (Federal Minimum Wage is currently $7.25 an hour)

Receiving Social Security while you work

Once you reach full retirement age, you can work and make unlimited earnings without reducing your Social Security benefits. However, if you're below your full retirement age and your earnings exceed a specific threshold, you may face some withholding of your benefit payments during the year. The withholdings from your benefits will most likely increase the monthly amount you receive when you reach full retirement age. So, don't limit your earnings just because you're receiving benefits. In fact, working more could potentially increase your lifetime benefits from Social Security.

Social Security: Did you know?

FAMILY MEMBER BENEFITS
Widows & Widowers
Who can get survivor benefits based on your work? • Your widow or widower may be able to get full benefits at full retirement age • Surviving spouses can receive reduced benefits as early as age 60 • If your surviving spouse has a disability, benefits can begin as early as age 50 • Your widow or widower can get benefits at any age if they take care of your child who is younger than age 16 or who has a disability Remarriage ends survivor’s benefits when it occurs before age 60, but benefits can continue for remarriages after age 60.
Divorced Spouse Benefits
If you are divorced, you can receive benefits based on your ex-spouse's record (even if you have remarried) if: • Your marriage lasted 10 years or longer• Your ex-spouse is age 62 or older • Your ex-spouse is unmarried• You are entitled to Social Security retirement or disability benefits • The benefit your ex-spouse is entitled to receive based on their own work is less than the benefit they would receive based on yours If your ex-spouse is deceased you could get benefits the same as a surviving spouse, provided that your marriage lasted 10 years or more.
Benefits for Children
To get benefits, a child must have either:• A parent who is retired or has a disability and is entitled to Social Security benefits• A parent who died after having worked long enough in a job where they paid Social Security taxes Your unmarried child can get benefits if they are:• Younger than age 18• Between ages 18 and 19 and a full-time student (grade 12 or below)• Age 18 or older with a disability Benefits paid for your child will not decrease your retirement benefit.

To delay, you need to fill the Income Gap

Without a traditional pension, Social Security may be your only source of consistent income. The goal of taking advantage of the extra lifetime income you could receive by delaying your Social Security benefits is possible.
There are 2 ways to generate income during the months or years you delay filing for benefits beyond age 62...
1. Delay Your Retirement
  • Hold off on retiring
  • Semi-Retire: part-time job (combined with part 2)
2. Create Income From Assets
  • Investment Dividends & Interest
  • Investment Proceeds
  • Retirement Account Withdrawal Plans
  • Annuity Income

Working with a thrivealike Financial Professional can unlock and amplify potential income sources, enabling you to delay claiming Social Security and allowing your benefits to increase so your maximum payout is possible!

2 offers to optimize your Social Security...

Soc. Sec. Optimizer - Lite

Quick & Easy Comparison
When should you start receiving Social Security? The answer to that question is different for everyone. Health, longevity, earnings history, income needs and more are all important when crafting your unique plan for receiving Social Security. Use our FREE tool to compare claiming strategies and get an estimate of your future Social Security benefits.

Soc. Sec. Optimizer - Lite

DIY Social Security Comparisons
FREE
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What you Get...
  • Instantly compare strategies to identify lifetime benefits, whether Married, Single, Divorced or Widowed
  • Compare Early Claim, FRA Claim and Delayed Claim
  • Automatically see how different claiming strategies measure up in maximizing your Social Security benefits
  • Have Ready: Your Full Retirement Age (or PIA) benefit amount
  • With your actual FRA/PIA amounts you can visualize the impact of different choices on your Social Security benefits, empowering you to make optimal decisions for your financial future

Social Security Optimizer

Retirement Income Strategies
Collaborate with a thrivealike Financial Professional who will guide you in crafting a comprehensive strategy for claiming your lifetime Social Security benefits and Retirement Income strategies. This includes detailed steps on precisely when and how to file, giving you peace of mind and ensuring that you receive the most from your hard-earned benefits.

Social Security Optimizer

$39 monthly
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What You Get...
  • Compare multiple strategies to identify your highest average lifetime benefits, whether Married, Single, Divorced or Widowed
  • thrivealike Financial Professional as your personal Financial Advisor
  • Virtual Sessions with a thrivealike Financial Professional
  • Early Claim vs. Delayed Claim "Break-Even" Analysis
  • Report of 9 Different Claiming Strategies for Married Couples (Many couples who retire after a long working history receive more than $1,000,000 in joint lifetime benefits)
  • Comparison of 3 Strategies for Surviving Spouses
  • Analysis of Adjusted Spousal Benefits
  • Income Tax Analysis on Social Security Benefits
  • Income Gap Plan: Discover Cash Flow Alternatives to generate income from other sources, allow you to delay Social Security and have higher lifetime payments
  • Repositioning of Assets Analysis to generate steady income streams
  • Compare Drawdown Principal strategy vs. Dividends & Interest strategies
  • Lifetime Income Needs Analysis
  • Comprehensive Retirement Income Plan
  • Actionable and on-going advice from your dedicated thrivealike Certified Specialist
  • Complimentary Investment Portfolio Analysis
  • Plans for how to utilize your Social Security Payments (Spend or Save)
  • And More...

Not sure where to start? Schedule your free consultation with a thrivealike Financial Professional

The idea of retirement is an exciting time in one's life, but without a pension it can also be a scary prospect. One way to help ease the anxiety and become more confident about your financial future would be working with someone who is trained to find solutions to the risks and challenges you will face in retirement.
1. Share a little info
Create your financial snapshot by sharing basic information about you and your finances, what stage of Retirement Planning you are in (pre or post), and your current plan to recreate your paycheck in retirement without having a pension .
2. Free consultation
Uncover the potential of your retirement goals in just 15 minutes! Your virtual consultation with a thrivealike Financial Professional will give you an understanding of where you stand and what it will take to get you closer to financial freedom.
3. Decide to thrive
Harness the power of financial expertise with a thrivealike Certified Specialist who will create a customized plan with investment strategies tailored for you and the unique challenges you face when retiring without a pension.

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INVESTMENT & RETIREMENT INSIGHTS
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