Social Security Advisors in Denver
Determining when to claim your Social Security benefits will be one of the most important decisions you make in your lifetime.
Making the correct decision can mean tens of thousands of extra dollars in retirement. There are many different ways for married couples to file for benefits!
This decision is too important to leave to guesswork. Social Security is unable to provide advice on when to file and your friends and family are not experts on the matter.
You need to make sure you have a Social Security maximization analysis.
The financial advisors at Dechtman Wealth Management can help you with your Social Security planning so you can confidently make an informed decision. Our Social Security advisors in Denver can help you understand the rules and stay ahead of future changes as you determine the optimal time to file.
As a full-service fiduciary wealth management practice with over 40 years of experience, Dechtman Wealth Management can help with all aspects of your financial planning. We help you develop a holistic strategy that takes all of your assets and needs into account, from retirement to investments and more.
Contact our team to receive your complimentary Social Security benefits analysis today.
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What Is Social Security?
Social Security is a government-sponsored retirement benefit program designed to replace some of your income while you’re retired. If you’ve worked and paid Social Security taxes on your income, you’ve been contributing to the Social Security system, you can file for benefits once you’ve reached a certain age.
A Social Security benefits analysis can help you understand what benefits you can expect at various filing ages. Our social security advisors in Denver will use their experience and knowledge to find the optimal filing strategies for your needs.
What Are the Social Security Benefits?
Social Security financial benefits are calculated based on several factors, including how long you’ve worked, how much you’ve earned, and how many credits you have accumulated.
Each credit gets you closer to qualifying for Social Security funds. A total of 40 credits are needed to qualify for Social Security retirement benefits. Currently, workers earn one credit for every $1,1810 earned in 2025* (adjusted yearly for inflation), with a cap of four credits per year.
There are some stipulations when applying for Social Security early. For example, the Social Security retirement earnings test is a rule that affects individuals who choose to claim Social Security retirement benefits before reaching their full retirement age (FRA) and continue working. Its purpose is to regulate the amount of Social Security benefits a person can receive based on their earnings.
There are also different considerations to think about when deciding when to apply. Looking closely at Social Security as one piece of the retirement puzzle, considering your full set of financial goals for retirement, and building an investment management plan to help you get there is crucial.
Our Denver Social Security financial advisors can help you determine when to apply and discuss other financial strategies to improve your retirement.
*https://www.ssa.gov/benefits/retirement/planner/credits.html
Who Is Eligible for Social Security Benefits?
Retired Workers. You become eligible for Social Security by working in a Social Security-covered job and earning the required 40 credits across your working years. As long as you accumulate 40 credits, you qualify to receive retirement benefits.
Spouses. If you are the spouse of a retired worker, you may qualify for spousal benefits now or in the future. If you are divorced, you may also qualify for benefits if certain conditions are met.
Survivors. If you are the widow or widower of a retired worker, you are likely eligible for Social Security survivor benefits.
How Your Social Security Retirement Benefits Are Calculated
The size of your benefit in retirement depends on how much you earned during your time in the workforce. The Social Security Administration (SSA) keeps a record of how much you made every year, up to a ceiling ($168,600 in 2024). Any amount you made over that annual ceiling isn’t taxed by Social Security and doesn’t figure into the formula.
When it’s time to apply for benefits, the SSA will look at your highest 35 years of earnings. They’ll then apply a formula to arrive at your basic benefit. This is the amount you are eligible to collect at your full retirement age.
Once you’ve filed, your Social Security benefits may increase each year due to cost-of-living adjustments (COLA). COLA’s are intended to help keep pace with inflation and better support retirees. COLA’s can vary from year to year.
You can find out more about it and access a Social Security benefits calculator at the SSA’s website.
Maximizing Your Social Security Benefits
If you apply for Social Security at your full retirement age (66 to 67, depending on your birth year), you will receive your full primary insurance amount (PIA) as your benefit.
Early eligibility begins at age 62. If you apply at this age, your monthly benefit will be permanently lowered. In some cases, your monthly benefit can be reduced by up to 30%.
The age at which you apply for Social Security benefits has a tremendous impact on your monthly income and the total amount of benefits you stand to receive over your lifetime. Determining the optimal claiming strategy through a Social Security analysis has significant ramifications for you and your loved ones.
For some people, applying early makes sense. For others, the higher amount received by deferring payments is especially valuable. This is why it’s so important to speak with a financial advisor to help build a strategy that truly works for you.
When Should You Apply for Social Security?
If you apply for Social Security when you first become eligible at 62, your benefits will be 70% to 75% of your PIA, or the amount you collect at your full retirement age (FRA), depending on your birth year. On the other hand, if you delay claiming benefits past your full retirement age, you will earn delayed credits. For each year you delay the start of benefits, your benefit will increase by 8% per year up to age 70, prorated monthly.
So, when should you apply for Social Security? It truly depends on your individual needs. Earlier access to guaranteed funds can be especially valuable. So can the increased monthly payments that come with delaying your claim.
Ultimately, your optimal claiming strategy can only be answered in the context of your overall financial plan. Our team of financial planners and financial advisors in Denver can help you better understand your options, both in the big financial picture and for Social Security specifically.
You can start claiming retirement benefits as early as age 62. However, claiming early permanently reduces your monthly amount compared to waiting until your full retirement age. At Dechtman Wealth Management, we analyze your specific financial situation to give you tailored advice on when to claim Social Security and provide comprehensive analysis on how this impacts your overall retirement income.
Your full retirement age, when you receive your unreduced Primary Insurance Amount, depends on your birth year. For those born in 1960 or later, it is 67. We help clients confirm their exact FRA using official tools and integrate it into their personalized financial plan.
If you claim before your full retirement age (such as at 62 when FRA is 67), your benefit can be reduced by up to 30%. This leaves you with about 70% of your full amount, which is a permanent reduction. We model these scenarios to show potential lifetime differences and help manage the strategy for you.
Delaying past your full retirement age earns you an 8% increase each year (prorated monthly) until age 70. This significantly increases your monthly benefit for longer life expectancies. Many of our clients find this strategy helps maximize lifetime income when coordinated with investments and other retirement resources.
Your benefits are calculated from your highest 35 years of inflation-adjusted earnings. The Social Security Administration uses a formula to determine your Primary Insurance Amount at full retirement age, with adjustments for claiming timing and annual cost-of-living increases. We use advanced software to project these accurately for your situation.
Yes, married couples (including those with divorced spouses under certain rules) can use options like spousal or survivor benefits. These strategies can help maximize combined lifetime income. Our advisors specialize in coordinating these options within your broader financial picture.
This irreversible decision can affect your retirement by tens of thousands of dollars. Social Security staff cannot offer personalized advice amid complex rules. At Dechtman Wealth Management, our fiduciary financial advisors' analysis removes guesswork and aligns claiming with your goals.
View the referenced NBER study
A Social Security Benefits Analysis is a detailed review using specialized software to compare claiming ages and strategies. We project income streams that fit your retirement needs, investments, and lifestyle. We provide this complimentary service to clients for clearer decision-making.
Yes, we offer a no-obligation complimentary analysis using state-of-the-art tools for our clients. This helps evaluate your options and demonstrate potential outcomes tailored to your circumstances.
Reach out to our team through our website's Talk to an Advisor section or schedule online for a complimentary assessment. We are here to discuss your unique situation and provide a personalized illustration.
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Securities offered through Hightower Securities, LLC, Member FINRA/SIPC, Hightower Advisors, LLC is a SEC registered investment adviser. brokercheck.finra.org