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Tucson Social Security Consultants

Social Security Strategies: Making the Most of Your Benefits

Social Security Strategies: Making the Most of Your Benefits

Social Security is an important piece of the retirement planning puzzle — but it’s often misunderstood. Many people don’t realize that when and how they claim their benefits can impact their long-term financial security.

At Affinity Wealth Management, our advisors work closely with you to create a Social Security strategy that fits into your overall retirement plan, helping you maximize income, minimize taxes, and preserve your lifestyle.

When Should You Start Collecting Social Security?

You’re eligible to begin collecting Social Security as early as age 62. However, starting early means your monthly benefit will be reduced permanently. If you wait until your Full Retirement Age (FRA) — typically between 66 and 67, depending on your birth year — you’ll receive your full benefit amount. Waiting even longer, up to age 70, increases your benefit by about 8% per year you delay.

Key points to keep in mind for choosing when to begin collecting benefits:

  • If you need income earlier due to health, job loss, or other circumstances, taking benefits early could make sense.
  • If you expect to live well into your 80s or beyond, delaying benefits can significantly increase your lifetime income.
  • Married couples should consider additional strategies to coordinate benefits and maximize income for both spouses.

Choosing when to start Social Security isn’t just a financial decision — it’s a life decision. Our advisors can help you weigh your options carefully.

Your Benefits Are Taxable Income

Many retirees are surprised to learn that Social Security benefits are subject to federal income taxes. The percentage of your benefit that is taxable depends on your "combined income," which includes your adjusted gross income, non-taxable interest, and half of your Social Security benefits.

  • If your combined income is between $25,000 and $34,000 (individual) or $32,000 and $44,000 (married couple), up to 50% of your benefits may be taxable.
  • If your combined income is above $34,000 (individual) or $44,000 (couple), up to 85% of your benefits may be taxable. 

You can choose to have federal taxes withheld from your Social Security check to avoid a surprise tax bill at the end of the year.

Our knowledgeable advisors can help you set up a withholding strategy that fits your overall tax plan.

How Much Can You Expect to Receive?

Social Security benefits are based on your average earnings during your highest 35 years of work. The average monthly Social Security benefit for retired workers in 2025 is about $1,909. Automatic Cost-of-Living Adjustments (COLA) help benefits keep pace with inflation. For example, there was a 3.2% increase in 2024 and a 2.5% increase in 2025.

Social Security is designed to provide a base level of retirement income, but for most people, it’s not enough to cover all expenses.

Planning Beyond Social Security: Saving and Investing for
Retirement

While Social Security provides critical income for 91% of today’s retirees, it typically replaces only about 30-40% of pre-retirement income. To maintain your standard of living, you’ll need additional savings and income sources.

Some key strategies include:

  • Employer-sponsored retirement plans like 401(k)s
  • IRAs (both traditional and Roth)
  • Taxable investment accounts
  • Annuities or other guaranteed income products
  • Part-time work or consulting during the early retirement years

Our advisors will help you project your retirement expenses, estimate Social Security income, and build a plan for retirement income that meets your goals.

How Politics Could Affect Your Benefits

There’s increasing debate in Washington about the long-term funding of Social Security. Current recipients are unlikely to see cuts, but younger workers could face changes like higher retirement ages, lower benefits or increased taxes.

Our advisors closely monitor policy discussions to help you stay informed and flexible, adjusting your strategy as needed to safeguard your retirement income.

Why Professional Guidance Matters

Social Security rules are complex, and every person’s situation is different. Without a personalized strategy, you risk leaving thousands of dollars on the table or facing unexpected tax consequences. Our team stays up to date with the latest financial knowledge to guide our clients through:

  • Optimizing when and how to claim benefits
  • Integrating Social Security with other retirement income streams
  • Minimizing taxes on retirement income
  • Building a flexible plan that can adapt to life’s changes

Ready to talk? Schedule a consultation with one of our experienced advisors today and start building a confident, informed retirement strategy.

You worked hard for your Social Security benefits. Let’s make sure they work just as hard for you.