Social Security Strategy
Foundation, Not the Whole Floor
The age you file — anywhere from 62 to 70 — permanently locks in your benefit for life. Filing early reduces your monthly check; delaying to 70 can increase it by roughly 70–77% versus filing at 62. Because the decision is largely irreversible and shapes spousal, survivor, and tax outcomes, it should be coordinated with your full plan.
The Claiming Decision and Why It Matters
Claiming Social Security at 62 versus 70 can mean a difference of 76% or more in your monthly benefit — permanently. That decision also sets your survivor benefit, which may be the most important legacy a married retiree leaves behind. There is no universally right answer, but there is a right answer for your situation — and it depends on your health, other income sources, tax bracket, and spouse's benefit picture.
Coordinating with Medicare and Taxes
Up to 85% of your Social Security benefit can be taxable depending on your combined income. Higher income also triggers IRMAA surcharges on Medicare Part B and Part D premiums — sometimes hundreds of dollars per month per person. The timing of your Social Security claim directly affects both. Alvin coordinates your claiming strategy with your tax and Medicare plan so you keep more of what you've earned.
Spousal and Survivor Strategies
For married couples, Social Security is a household decision. The higher earner's benefit becomes the survivor benefit when one spouse passes. Delaying the higher earner's claim — even by a few years — can meaningfully increase lifetime household income and protect the surviving spouse. Divorced individuals may also qualify for a benefit based on an ex-spouse's record. Alvin maps every available option for your household.
Key Considerations
- Your break-even age (where delaying pays off) is typically around 12–14 years after a delayed start.
- Health and longevity are the biggest variables — consider family history honestly.
- Working while collecting Social Security before Full Retirement Age reduces your benefit temporarily.
- IRMAA lookback is two years — a Roth conversion in 2024 can affect your 2026 Medicare premiums.
- Divorced? You may be eligible for up to 50% of your ex-spouse's benefit if married 10+ years.