Fewer Retirees Claiming Social Security Benefits at Age 62

Phoenix Advisor Hosts Workshop on Social Security Planning: "Do Not Turn On Your Social Security Benefits...Until You Hear What The Pros Know!"

​When deciding when you should begin to collect Social Security benefits, it’s essential to consider many different factors, including Health, Marital status, Tax bracket, Expected rate of return on your other assets, Anticipated Social Security benefit, along with that of your spouse, if applicable, and, Family history of longevity (or lack thereof)

In general, you can begin collecting reduced retirement benefits as early as age 62. Alternatively, if you wait to collect benefits beyond what’s known as your Full Retirement Age (FRA), you can earn 8% annual increases, known as delayed credits until you turn age 70.

"Most people leave money on the table," said CALVIN P. GOETZ

Calvin P. Goetz, Partner at Strategy Financial Group

CALVIN P. GOETZ hosted a Social Security Workshop on May 19th, 2015 covering Social Security claiming strategies, in Phoenix, Arizona. CALVIN P. GOETZ of STRATEGY FINANCIAL GROUP explained factors to consider before you apply for benefits, and how to determine the best choice for your situation.

“Most people leave money on the table,” said CALVIN P. GOETZ. “Everyone’s personal circumstances are going to be different, and for that reason, it’s hard to make general recommendations when it comes to claiming Social Security benefits.” However, most experts believe that too many people claim benefits before the optimal age to do so.

According to a new report that was just released by the Center for Retirement Research at Boston College, it seems as though this message may be finally reaching Baby Boomers.

According to the report, Trends in Social Security Claiming, during the mid-1990’s, roughly 56% of men claimed their Social Security benefits when they turned 62. In comparison, the report indicates that today, only about 36% of men turning 62 claim Social Security benefits at that time. So while more than one-third of those eligible to claim at 62 are still doing so, the trend is clearly moving towards waiting longer.

So is waiting beyond 62 right for you? Maybe, maybe not. As stated above, there are many factors that must be considered. Whatever your ultimate decision, however, you should make sure it considers the tax-efficiency Social Security benefits provide relative to other types of income.

For example, for every dollar you withdraw from your IRA in retirement, you usually must add one dollar of income to your tax return. The same is not true when it comes to your Social Security benefits.

If you have fairly modest retirement income, you may not have to pay tax on any of your Social Security benefits. If your income is higher, then you may have to pay income tax on a portion of your Social Security benefits. Under no circumstances, however, will you have to pay income tax on more than 85 cents of each Social Security benefit dollar you receive.

Put another way, at least 15% (and possible much more) of your Social Security benefits will always be tax free. From an income tax perspective alone, that’s a great deal!

CALVIN P. GOETZ welcomes requests for more information about retirement distribution planning, and is well versed in the subjects of IRA and retirement planning strategies, Roth conversion planning, and estate planning and leveraging current tax law.


Strategy Financial Group does not provide specific legal or tax advice.  All the information provided is based on current Social Security rules, benefits calculations, and payout promises of existing Social Security policy. Strategy Financial Group is not affiliated or connected with, or endorsed by, the Social Security Administration.  Investment advice is offered through Strategy Financial Services, LLC, a Registered Investment Advisor. Insurance and annuity products are offered separately through Strategy Financial Insurance, LLC.

ABOUT CALVIN P. GOETZ: Mr. Goetz is an Investment Advisor Representative and a Co-Founder of Strategy Financial Group, an Arizona-based independent financial advisory firm.  He has dedicated more than a decade of his professional career creating personalized financial solutions for individuals and families seeking to achieve security and financial independence in retirement. Mr. Goetz is dedicated to financial education and believes in Strategy Financial Group's "gain and retain" philosophy with regards to retirement savings.  He holds the Series 65 securities license, and is life and health insurance licensed in the state of Arizona.  He is also a member of Ed Slott's Elite IRA Advisor Group™, an organization of financial professionals dedicated to being leaders in the IRA industry.  For more information about Mr. Goetz and Strategy Financial Group, please call (602) 343-9303.

ABOUT ED SLOTT and COMPANY, LLC:  Ed Slott and Company, LLC is the nation's leading provider of IRA training for financial advisors.  Mr. Slott is a nationally recognized IRA distribution expert, best-selling author, professional speaker, and the creator of several public television specials, including Ed Slott's Retirement Road Map.  To learn more about Ed Slott and Company, visit IRAhelp.com.




SOURCE Strategy Financial Group