Best Social Security Strategy For You...
- The best strategy for you...IT DEPENDS.
- If you haven’t yet started taking SS; every year that you wait, your benefit will increase between 5-8% per year up to age 70.
- Need to consider other potential strategies, including spousal benefits and widower benefits.
- If receiving SS, goal is to understand risks and develop a plan to mitigate.
2026 Social Security Updates
- Cost-of-Living Adjustment (COLA) - Social Security and SSI benefits for more than 71 million Americans will increase 2.8% in 2026.
- Taxable Wages - the maximum amount of earnings subject to the Social Security tax will increase to $184,500 in 2026.
- Earning Limit - the earnings limit for workers who are younger than "full" retirement age will increase to $23,480. If under your FRA, working and receiving SS, there is a reduction to your benefits if you make than this amount.
Source: SSA.gov
Social Security Risks
If policymakers take no action, the Social Security trust fund will be exhausted in 2034.
After the trust fund reserves are depleted, even if policymakers took no further action, Social Security could still pay three-fourths of scheduled benefits, relying on Social Security taxes as they are collected. Resulting in an estimated reduction between 19% in benefits paid to recipients.
Source: Center on Budget and Policy Priorities
We are Here to Support You with Your Social Security Questions
If you have questions about social security - we invite you to schedule a 15-minute introductory call.
During our meeting we will discuss your unique situation and strategies that might be aligned with your goals. At GNZ Financial, we don't just plan for retirement; we plan for your retirement. By us planning first and investing second, we will help to works towards a more secure financial future now and for generations to come.