Social Security Video
Presented by Matt Paul, CFP®
Social Security is one of the largest retirement decisions you'll make, and the rules are changing. In this video, Matt Paul, CFP® explains what the 2026 Social Security changes mean for Big Three retirees and how to optimize your claiming strategy.
Coordinating Social Security with your pension and personal savings can mean tens of thousands more in lifetime benefits. Learn the key factors that should influence your timing decision.
Understanding these key factors can mean the difference between maximizing your benefits and leaving money on the table.
Your benefit is based on your highest 35 years of earnings — if you have fewer than 35 years of work history, the missing years count as zeros and will lower your benefit, so working a few extra years can meaningfully boost your check.
Claiming at 62 permanently reduces your benefit by about 30%, while waiting until 70 increases it by roughly 24% above your FRA amount — a swing of more than 75% in monthly income.
Delayed retirement credits stop accruing at age 70, so there is no financial reason to wait beyond your 70th birthday to file.
Cost-of-Living Adjustments (COLAs) apply to your benefit starting at age 62, even if you haven't filed yet — meaning the longer you wait, the higher your COLA-adjusted starting benefit becomes.
Your annual COLA raise is often offset by rising Medicare Part B premiums, which historically increase at a faster rate than Social Security COLAs — meaning the "raise" you see on paper rarely translates to a full increase in your take-home benefit.
If you claim before FRA and continue working, the earnings test may temporarily reduce your benefits — in 2025, $1 is withheld for every $2 earned above $23,400.
Up to 85% of your Social Security benefits may be subject to federal income tax, depending on your combined income from other sources like pensions, IRAs, and investments.
Spousal benefits can equal up to 50% of the higher-earning spouse's FRA benefit, but only if the higher earner has already filed and the spouse claims at their own FRA.
Survivor benefits are based on the deceased spouse's actual benefit amount, which is why the higher-earning spouse delaying to 70 often provides the most valuable lifetime protection for the surviving spouse.
Filing for Social Security at 65 does not automatically enroll you in Medicare — you must enroll separately, and missing your enrollment window can result in lifetime late penalties.
Schedule a complimentary consultation to discuss how to maximize your lifetime Social Security benefits.