Social Security Maximization & Medicare

Accumulation Phase

Distribution Phase

Maximizing Social Security Benefits

Most Americans will end up relying on Social Security benefits. However, for many, it may fulfill only 20-30% of income needs in retirement. All the same, we need to optimize it as much as possible through savvy claiming strategies.
Different individuals – couples, divorcees, widowers – all have unique claiming strategy options. When optimized, these strategies could result in hundreds of thousands of additional lifetime income. We use sophisticated software and an intricate planning process to guide our clients towards the optimal claiming strategy, personalized to their specific financial circumstances.

Mitigating Medicare Costs

An important facet of retirement planning lies in Medicare costs, especially the Income Related Monthly Adjustment Amount (IRMAA). IRMAA is a surcharge added to your base premium for earning above a certain income threshold. In 2023, for instance, single filers earning over $97,000 and joint filers earning over $194,000 are subject to higher Medicare premiums. Staying updated with these income requirements is crucial, as they change annually.
IRMAA adjustments are based on the income reported on your IRS tax return from two years preceding the present year. For example, your 2023 IRMAA adjustment is determined by your 2021 income. The implications of this rule extend to planned Roth conversions, 401(K) withdrawals, and sales of stocks and bonds, making it essential to time these actions correctly.