Social Security Planning

Social Security benefits are a major source of retirement income for most people. When you begin taking Social Security benefits greatly affects the size of your benefit. How you plan for benefits may impact taxes you pay on them. There is much more to consider. Download our free planner below.


social security benefits

If you aren't sure how the following issues will affect your social security, you need to download this planner. 

  • How will your benefits is affected if you begin receiving them early?
  • How much much more will you be paid if you delay your benefits? 
  • How might working affect your benefits? 
  • How do spousal benefits work? What strategies are available?
  • How might you be able to avoid paying taxes on your benefits? 

Free Social Security Planner

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social security benefits are taxable

A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half your Social Security benefits, exceeds specific limits. Your MAGI equals:

  • Adjusted gross income (or the adjusted gross income of you and your spouse if married and filing jointly), including wages, interest, dividends, taxable pensions, and other sources,
  • Tax-exempt interest income (e.g., interest from municipal bonds and qualified U.S. savings bonds), and
  • Amounts earned in a foreign country, U.S. possession, or Puerto Rico that are exempt from tax

Up to 50 percent of your Social Security benefits may be subject to income tax if your combined income (MAGI plus one-half your Social Security benefits) exceeds $25,000 for an individual filing single, unmarried head of household, or qualified widow(er) with dependent ($32,000 if married and filing jointly).

If your combined income exceeds $34,000 ($44,000 if married and filing jointly), up to 85 percent of your benefits is taxable. If you are married and filing separately, up to 85 percent of your benefits will be taxed unless you and your spouse live apart for the entire year.

Our planner details more of the following

Your Social Security retirement benefit is based on the number of years you've worked and the amount you've earned. Your benefit is calculated using a formula that takes into account your 35 highest earnings years. What else do you need to know?

Your benefit will also be affected by your age at the time you begin receiving benefits. However, you can choose to receive benefits as early as age 62, if you're willing to receive a reduced benefit. How much is your benefit reduced by?

Working may also affect your retirement benefit. If you're under full retirement age for the entire year, $1 of your benefit will be withheld for every $2 you earn over the annual earnings limit ($16,920 in 2017). What about after full retirement age? How much extra benefits will your receive if you delay your Social Security? 


interested in advanced social security planning?

Maximizing Social Security benefits isn't just about filing for social security. Tax sensitive withdrawal strategies used as part of your retirement plan and tax-aware investment strategies can significantly impact your ability to maximize Social Security. 

We offer free consultations and we will show you how our strategies can increase your Social Security benefits. Schedule your free consultation today.