5 Essential Social Security Strategies to Maximize Your Retirement Income

Learn 5 proven strategies to help you get the most out of your Social Security benefits. From timing your claim to minimizing taxes, Certified Retirement Counselor Miguel Gonzalez walks you through smart steps that can strengthen your retirement income plan.

Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.


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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Transcript

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

This week, let’s talk about one of the most important—and often misunderstood—sources of retirement income:
 Social Security.

Getting the most out of your benefits can make a big difference in your retirement income strategy. The decisions you make about when and how to claim Social Security can impact your finances for decades.

Let’s walk through five key strategies that can help you get the most from your benefits:

1. Delay Claiming If You Can
   While you can start collecting Social Security as early as age 62, doing so will reduce your monthly benefit by as much as 30%. Every year you delay—up to age 70—your benefit increases by about 8%. That’s a guaranteed increase few investments can match. For many retirees, waiting even a couple of years can mean thousands more in lifetime income.
2. Know Your Full Retirement Age (FRA)
   Your FRA depends on your birth year and typically falls between age 66 and 67. If you claim before your FRA, your benefit is permanently reduced. If you wait until after your FRA, your benefit increases through delayed retirement credits. Understanding your FRA can help you time your claim more effectively.
3. Consider Spousal and Survivor Benefits
   Spousal benefits allow a lower-earning or non-working spouse to receive up to 50% of their spouse’s benefit. Widows and widowers may also qualify for survivor benefits. Coordinating benefits between spouses can help maximize household income and provide additional security for the surviving partner.
4. Understand the Tax Impact
   Depending on your total income, up to 85% of your Social Security benefits may be taxable. This surprises many retirees. A good retirement income strategy—especially when coordinating withdrawals from tax-deferred and Roth accounts—can help reduce or even avoid those taxes.
5. Get Help with the Details
   Social Security has over 2,700 rules governing benefits. The timing of your claim, marital history, earnings record, and future income all play a role. A financial professional can help you evaluate your options and create a strategy that fits your life.

In Closing
Social Security isn’t just a government check—it’s a foundation of your retirement plan. Making informed decisions today can lead to more income and a stronger financial future.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.