Social Security Advisor and Planning Services in Seattle

Fiduciary | Fee Only | Certified and Experienced

Deciding when and how to claim Social Security is one of the most impactful choices you'll make in retirement. The difference between an early claim at 62 and a delayed benefit at 70 can add up to tens or even hundreds of thousands of dollars over your lifetime. The challenge is that Social Security rules are complex, and what works for one person may not be right for another.

Retirement Planning Partner helps individuals make sense of all available options and build a plan that supports long-term financial security. If you live in Seattle or the surrounding areas and want personalized advice on Social Security, we're here to help.

Why Social Security Timing Matters

For many households, social security covers a third to half of all retirement spending. Yet too many people rush to claim early without understanding the long-term trade-offs.

Let's say your full retirement age is 67 and you're eligible for a $2,200 monthly benefit. If you claim at 62, that drops to around $1,540. But if you wait until age 70, it rises to more than $2,700 a month. Over a 25-year retirement, the total difference can exceed $250,000. The SSA benefit calculator can help you understand this mechanism in greater detail.

Claiming early can make sense in certain situations, such as poor health, limited savings, or high expenses. But it shouldn't be the default. Timing your claim the right way can improve your cash flow, reduce portfolio withdrawals, and increase spousal and survivor benefits later on.

Personalized Strategy, Not One-Size-Fits-All

Your ideal claiming age depends on several factors, including:

• Your health and family history
• Your current and projected income
• Marital status and spousal benefits
• Survivor needs
• Tax considerations
• Whether you plan to keep working

We take time to walk through these questions with you. For example, if you're the higher earner in a couple, delaying your benefit could increase your spouse's future survivor income. Or if you plan to retire at 64 but don't want to claim until 70, we'll build a bridge strategy to help you cover those six years without overtaxing your savings.

There's no one right answer, and the goal is to coordinate your Social Security decision with your other income sources so that your overall plan is stronger.

How Social Security Affects Taxes

Many people are surprised to learn that Social Security can be taxable. Depending on your total income, up to 85% of your benefit could be subject to federal income tax.

In Washington State, there's no personal income tax. That means Social Security benefits, as well as other retirement income like IRA or 401(k) withdrawals, are not taxed at the state level. 

Here's an example. If you're single and your income exceeds $34,000, or married filing jointly with income over $44,000, up to 85% of your benefit becomes taxable. Withdrawals from traditional IRAs, required minimum distributions, and even capital gains from brokerage accounts can push you into this threshold.

We help you understand where your income stands today, how it's projected to shift in retirement, and what strategies might reduce the tax hit. This could include timing IRA withdrawals in low-income years, partial Roth conversions, or adjusting how you draw from your portfolio before and after claiming Social Security.

Fee-Only, Fiduciary Advice You Can Trust

Chris Maggio provides guidance as a fee-only, fiduciary financial advisor. Unlike some advisors who work on commission or are incentivized to promote specific strategies, Chris is paid only by you. This structure helps keep the planning process clean and focused on what matters most to you.