Wondering how to maximize your Social Security benefits? In this episode of Elevate Wealth, Deanne Rosso and Clarke Holt from Elevate Wealth Advisory share strategies to help you get the most out of your benefits. Clarke highlights the benefits of delaying your claim until age 70, working at least 35 years, and coordinating spousal claims. Learn about the "three-legged stool" of retirement income and how to integrate your 401(k)s, IRAs, pensions, and other resources.

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Social Security. You know if you've earned it or if you've paid into it, but how do you know how to maximize your benefit? Today on Elevate Wealth we'll explore this. Hey there. I'm Deanne Rosso with Elevate Wealth, joined here once again with Clarke Holt, an adviser at Elevate. And Clarke, how do you maximize those Social Security benefits? So I read a stat recently only 4% of retirees make the financially optimal decision when claiming their benefit. Oh wow. So there are a lot of people that are making maybe decisions that aren't in their best interest. Okay. So there's several ways you can maximize benefits, things like waiting till 70 to claim, working for 35 years, coordinating with spousal benefits and with your spousal claims, things like that. And really knowing your resources...what's available. So if we look at for example waiting till age 70, you get an 8% increase per year for every year you wait until age 70, so that's a big benefit. Yeah. Now what ties in with that is: what are your other resources? If you have ample resources in taxable accounts, IRAs, from pensions, from 401ks, that can really help replicate that pre-retirement income that you had, and then that allows you to delay claiming until 70. Right, okay. so working 35 years. You know, as we've talked about before, the calculation is based on your 35 highest earning years while you work, and if you have years years where you did not work, those calculations of zero income can affect your benefit and reduce that. Right. So maybe working another year so you can drop off a zero year. Exactly. And lastly, probably one of the most important things is to plan and partner with a wealth adviser. So to coordinate all these things. these are complicated decisions that shouldn't be taken lightly. Absolutely. And when you hear something like only 4% of people make the optimal decision when it comes to Social Security, that just really means you should work with someone so that you make the optimal decision. Obviously, at Elevate Wealth, we're here to help with that. If you need help thinking through your Social Security claiming strategy, visit elevate-wealth.com and click "Let's talk." Thanks for watching and see you next time.

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