Social Security Planning: Claim With Confidence
Social Security is likely one of the few sources of retirement income you'll receive for life, with annual cost-of-living adjustments. Yet the decision of when and how to claim is often made quickly, with little planning. Your choice can affect your monthly income, your spouse's income and the taxes you pay for decades. At JTL Wealth Partners, we help clients in Plano, Southlake and across the Dallas-Fort Worth area make that decision with confidence, as part of a complete retirement income plan. Retirement, Simplified.
When Should You Claim?
You can start benefits as early as age 62, wait until your full retirement age (FRA), or delay as late as age 70. For anyone born in 1960 or later, FRA is 67.
Claiming Early
Starting at 62 gives you income sooner, but your monthly benefit is permanently reduced. For those with an FRA of 67, claiming at 62 pays about 70% of your full benefit.
Claiming at Full Retirement Age
At FRA you receive your full, unreduced benefit, known as your primary insurance amount.
Delaying Past Full Retirement Age
For each year you wait past FRA, up to age 70, your benefit grows by 8% through delayed retirement credits. For someone with an FRA of 67, waiting until 70 means a benefit of about 124% of the full amount. There is no additional increase for waiting beyond 70.
There's no single "best" age. The right answer depends on your health, your other income, your spouse and your goals, which is why we look at your whole picture before recommending a strategy.
Spousal, Survivor and Divorced-Spouse Benefits
Social Security is more than an individual benefit. For married, widowed and divorced clients, the rules can open up important options.
Spousal Benefits
A spouse may be eligible for up to 50% of the worker's full benefit if claimed at the spouse's own FRA. Claiming earlier reduces it, and spousal benefits don't grow by waiting past FRA. If your own benefit is higher, you generally receive your own.
Survivor Benefits
When a spouse passes away, the surviving spouse may be able to receive the higher of the two benefits. That makes the higher earner's claiming decision especially important, because it can affect the survivor's income for life.
Divorced-Spouse Benefits
If your marriage lasted at least 10 years and you are currently unmarried, you may be able to claim benefits based on your former spouse's record. Doing so does not reduce your former spouse's benefit or their current family's benefits.
Working While Claiming
If you claim before FRA and keep working, the Social Security earnings test may temporarily withhold some benefits when your earnings exceed an annual limit. Withheld benefits aren't lost for good; your benefit is recalculated at FRA. Once you reach FRA, the earnings test no longer applies. We help you decide whether claiming while still working makes sense.
Taxes, Withdrawals and Medicare
Depending on your other income, up to 85% of your Social Security benefits may be subject to federal income tax. That's why your claiming decision should be coordinated with the rest of your income plan:
- IRA and 401(k) withdrawals: The order and timing of withdrawals can affect how much of your benefit is taxed.
- Roth conversions: The years between retirement and claiming may be an opportunity to consider conversions, with input from your CPA.
- Medicare premiums: Higher income can increase Medicare Part B and Part D premiums (known as IRMAA), so income planning matters even after you enroll.
Strategies for Married Couples
For couples, the decision is really a joint one. We look at both of your earnings records, ages and health to coordinate when each of you claims. A common consideration is whether the higher earner should delay to increase both their own benefit and the potential survivor benefit, while the other spouse claims earlier to provide income. We also review how recent law changes, including the Social Security Fairness Act's repeal of the Windfall Elimination Provision and Government Pension Offset, may affect clients with public pensions.
Social Security Rules Many People Don't Know
Social Security has thousands of rules, and a few of the lesser-known ones may affect your income for decades.
Did you know there's a limit on back benefits?
If you apply after full retirement age, Social Security generally pays retroactive benefits for no more than six months, and generally not for months before FRA if that would permanently reduce your benefit. Waiting too long to file past age 70 doesn't earn more, and those months may simply be lost. Having a filing date in your plan can help you avoid leaving money on the table.
Did you know a widow or widower may be able to switch benefits?
A surviving spouse may be able to start one benefit first and switch to the other later, such as taking a reduced survivor benefit early while their own benefit grows to age 70, or in some cases the reverse. Unlike for married spouses, survivors can generally choose which benefit to file for first. Comparing both orders may lead to a meaningfully different lifetime income.
Did you know you may not be able to file for only one benefit?
Under "deemed filing" rules, when you apply for your own retirement benefit or a spousal benefit, you're generally considered to be applying for both and receive the higher combination. For anyone born on or after January 2, 1954, the older strategy of claiming only a spousal benefit while your own grows is no longer available. Knowing which strategies still apply helps keep your plan realistic.
Did you know a divorced spouse may not have to wait for their ex to file?
If your marriage lasted at least 10 years, you're unmarried and you've been divorced for at least two years, you may be able to claim benefits on your former spouse's record even if they haven't applied yet, as long as they're at least 62 and eligible. Your claim doesn't reduce your ex's benefit. This can open up options many people don't realize they have.
Did you know there's a cap on what one family can receive?
Benefits paid to a worker's spouse, children and other dependents are limited by a "family maximum," generally about 150% to 180% of the worker's full benefit. If the total would exceed the cap, the dependents' benefits are reduced proportionally. This can matter for families with younger children or several eligible members.
Did you know Medicare looks back two years at your income?
Your Medicare Part B and D premiums are generally based on the tax return from two years earlier; for 2026, that's your 2024 income, with the first surcharge starting above $109,000 for individuals or $218,000 for joint filers. If your income dropped because of a life-changing event such as retirement, you may be able to ask for a reduction using Form SSA-44. A large final paycheck, bonus or sale in your last working years may be worth planning around.
Did you know the thresholds for taxing benefits have never been raised for inflation?
The income levels at which Social Security becomes taxable ($25,000 and $34,000 for individuals; $32,000 and $44,000 for joint filers, based on "combined income") are set in law and aren't indexed. As a result, more retirees may find their benefits taxed over time, and in some ranges an extra dollar of IRA income can make more of your benefit taxable, raising your effective tax rate. Coordinating withdrawals with your claiming decision may help manage this.
Did you know working longer may raise your benefit, even after you've claimed?
Your benefit is based on your highest 35 years of earnings, with zeros counted for any missing years. An additional year of work can replace a zero or a lower-earning year, and Social Security automatically reviews your record each year and may increase your benefit. This is one reason the timing of retirement and claiming are worth looking at together.
For clients in Plano, Southlake and beyond, we look at these rules alongside your taxes, savings and Medicare costs so your claiming decision fits your full retirement income plan.
How JTL Wealth Partners Helps
As an independent firm, we follow a clear process:
- Discover: We learn about your goals, health, family and retirement timeline.
- Gather: We review your Social Security statements, pensions, savings and other income sources.
- Analyze: We compare claiming scenarios for you and your spouse alongside taxes, withdrawals and Medicare premiums.
- Plan: We build a retirement income plan that shows when to claim and how Social Security fits with your other income.
- Review: We revisit your plan as laws, markets and your life change.
Who We Work With
We work with pre-retirees and retirees in Plano, Southlake and across the Dallas-Fort Worth area who want a thoughtful plan for one of their most important retirement decisions. We also work with clients in other states through virtual meetings. Whether you're five years from retirement or ready to file, our team, including Chris Mankoff, CFP®, Jimmy Lee and Joseph Rosio, CPA, is here to help.
Frequently Asked Questions
What is my full retirement age?
If you were born in 1960 or later, your full retirement age is 67. It's slightly earlier for those born before 1960.
Is it always better to wait until 70?
Not always. Delaying increases your monthly benefit, but the right choice depends on your health, savings, income needs and whether you're married.
Can I work and collect Social Security at the same time?
Yes. Before FRA, benefits may be temporarily withheld if your earnings exceed an annual limit. After FRA, there's no earnings limit.
Will my Social Security be taxed?
Depending on your total income, up to 85% of your benefits may be subject to federal income tax. Coordinating withdrawals may help manage this; talk with your tax professional about your situation.
Do you only work with clients in Plano and Southlake?
No. We serve clients in Plano, Southlake and across DFW, and we also work with clients in other states through virtual meetings.
Are you affiliated with the Social Security Administration?
No. JTL Wealth Partners is not affiliated with or endorsed by the Social Security Administration or any government agency. You can review your benefit estimates through your my Social Security account at ssa.gov.
Plan Your Social Security With Confidence
A conversation is the best place to start. Call us at 855-949-4400 or schedule a time that works for you.
Book a Complimentary Discovery Meeting
JTL Wealth Partners | 5055 W Park Blvd, Suite 400, Plano, TX 75093 | 855-949-4400
JTL Wealth Partners and LPL Financial do not provide tax or legal advice. Please consult your tax professional or attorney regarding your specific situation. JTL Wealth Partners is not affiliated with or endorsed by the Social Security Administration or any government agency. This material is for general information only and is not intended to provide specific advice or recommendations for any individual.