Social Security Planning
Thoughtful decisions about when and how to claim Social Security benefits can have a lasting effect on retirement income, taxes and long-term financial security.
More Than Choosing a Claiming Age
Social Security is an important source of retirement income, but the decision to begin benefits should not be made in isolation. Claiming choices can affect lifetime income, survivor protection, investment withdrawals and tax planning.
Fiduciary Capital Management LLC helps clients evaluate Social Security within a broader retirement strategy so benefits can be coordinated with investments, pensions, retirement accounts and other income sources.
Key Social Security Considerations
A thoughtful analysis considers more than the size of the first monthly payment.
Full Retirement Age
Full retirement age is when an individual becomes eligible for an unreduced retirement benefit. It generally falls between ages 66 and 67, depending on year of birth.
Claiming Early
Retirement benefits may generally begin at age 62, but claiming before full retirement age ordinarily results in a permanently reduced monthly benefit.
Delaying Benefits
Delaying retirement benefits beyond full retirement age may increase the monthly benefit. These delayed retirement increases stop at age 70.
Spousal Benefits
A spouse may qualify for a benefit based on their own work history or a benefit connected to a spouse’s earnings record, subject to Social Security eligibility rules.
Survivor Protection
Claiming decisions can affect the benefit available to a surviving spouse. This makes survivor-income planning especially important for married couples.
Tax Considerations
Depending on filing status and other income, a portion of Social Security benefits may be included in federal taxable income. State treatment may vary.
Social Security Should Work With the Rest of Your Plan
The claiming strategy that produces the largest monthly benefit is not automatically the best strategy for every household. Decisions should be considered alongside the rest of the retirement plan.
- Current and projected household expenses
- Life expectancy and health considerations
- Employment and planned retirement dates
- Required and discretionary portfolio withdrawals
- Income-tax planning and account sequencing
- Spousal and survivor-income needs
Income Sources We Help Coordinate
How Fiduciary CM® Helps
We integrate Social Security planning into a broader, individualized retirement-income analysis.
Benefit Review
Review estimated benefits, earnings history, retirement dates and relevant household information.
Scenario Comparison
Compare potential claiming dates and the effect those choices may have on monthly and lifetime income.
Spousal Coordination
Evaluate household benefits with attention to spousal, divorced-spouse and survivor considerations.
Tax-Aware Integration
Coordinate benefit timing with retirement-account withdrawals and other income sources.
Ongoing Review
Revisit the strategy as employment, health, family needs, markets and financial circumstances change.
Common Social Security Questions
What is the best age to begin Social Security benefits?
There is no single claiming age that is appropriate for everyone. The decision depends on income needs, health, longevity expectations, employment, marital status, taxes and the availability of other retirement assets.
Is it always better to delay benefits until age 70?
Delaying can produce a larger monthly retirement benefit, but it may not be suitable in every situation. Current cash needs, health, life expectancy and portfolio withdrawals should also be considered.
Can I work while receiving Social Security?
Yes. However, benefits may be temporarily withheld when an individual claims before full retirement age and earns more than the applicable annual earnings limit. The rules should be reviewed for the year in which benefits are claimed.
Will Social Security fully support my retirement?
Social Security is generally intended to replace only part of pre-retirement income. Most households also rely on personal savings, employer retirement plans, investments, pensions or other income sources.
How do spousal and survivor benefits affect the decision?
Eligibility and benefit amounts depend on individual circumstances and Social Security rules. Coordinating both spouses’ benefits can be an important part of protecting household and survivor income.
Are Social Security benefits taxable?
A portion of benefits may be included in federal taxable income depending on filing status and other income. Taxpayers should consult a qualified tax professional regarding their individual circumstances.
View Official Social Security Information
These government resources provide benefit estimates, claiming information and federal tax guidance.
Social Security Calculators
Review retirement estimates and compare potential benefit amounts at different claiming ages.
View SSA Calculators →Retirement Benefits Planner
Learn more about retirement age, early claiming and delayed retirement benefits.
View SSA Planner →Federal Tax Information
Review IRS guidance concerning when Social Security benefits may be included in taxable income.
View IRS Guidance →Build Social Security Into a Complete Retirement Strategy
Schedule a consultation to discuss how Social Security, investments, taxes and other retirement-income sources may work together within your financial plan.
This information is provided for educational and informational purposes only and is not intended as individualized investment, tax or legal advice. Social Security laws, regulations and benefit provisions may change. Fiduciary Capital Management LLC does not provide tax or legal advice. Please consult the Social Security Administration and qualified tax or legal professionals regarding your individual circumstances. Advisory services are offered through Fiduciary Capital Management LLC, a registered investment adviser. Registration does not imply a particular level of skill or training.