Social Security is one of your most valuable retirement assets — and one of the most complex. The right claiming strategy can mean tens of thousands of dollars in additional lifetime income.
Claiming Social Security at 62 reduces your benefit by up to 30%. Waiting until 70 increases it by 32% above your Full Retirement Age amount. For most people in good health, delaying is the better strategy. Public sector workers may be affected by the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO).
Social Security income planning is one of the most impactful services Doug Robb Jr. provides — and one of the most frequently overlooked. Many pre-retirees simply claim at 62 because they can, without understanding the long-term cost of that decision. A well-designed claiming strategy, coordinated with your overall retirement income plan, can add $100,000 or more in lifetime benefits.
Doug analyzes every dimension of your Social Security situation: your earnings record, your spouse's benefit, your health and life expectancy, your other income sources, and any WEP or GPO implications from government employment. He then builds a claiming strategy that maximizes your lifetime income while minimizing taxes on your benefits.
For Public Sector Workers — police officers, firefighters, teachers, and transit employees — the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) can significantly reduce Social Security benefits. Doug has deep experience helping New Jersey and New York public sector workers navigate these provisions and build alternative income strategies to compensate.
Social Security and Taxes — up to 85% of your Social Security benefit may be subject to federal income tax, depending on your "combined income" (AGI + tax-exempt interest + half of Social Security). Strategic ROTH conversions, QCDs, and other tax planning tools can reduce the portion of your benefit that is taxable.
Claiming Social Security at 62 reduces your benefit by up to 30%. Waiting until 70 increases it by 32% above your Full Retirement Age amount. For most people in good health, delaying is the better strategy. Public sector workers may be affected by the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO). As a SEC-registered fiduciary financial advisor in Long Valley, NJ, Doug Robb Jr. provides this service under a legal obligation to act in your best interest at all times.
Schedule a complimentary 30-minute consultation with Doug Robb Jr. No obligation. No sales pitch.
Free Consultation908.888.9268Doug Robb Jr. is a SEC-registered Investment Adviser, legally obligated to act in your best interest at all times.
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