This document discusses strategies for maximizing Social Security income, including filing at different ages and taking advantage of spousal benefits. It notes that filing early at age 62 provides the lowest monthly payment but is paid over more years, while filing at 70 provides the highest monthly payment. Another strategy discussed is "file and suspend" which allows one spouse to file at 66 to access spousal benefits while suspending their own, then switching to their higher personal benefit at 70. The document emphasizes that Social Security is complex and income maximization requires considering factors like longevity. It suggests consulting experts to determine the best filing strategy.

1. Social Security: How to get $250,000 More
Matthew Illian
Marotta Wealth Management
www.eMarotta.com

3. Social Security Quiz
True or False
1. Social Security Income is never taxed □ □
2. You should always file early for SS
(age 62) □ □
3. Earned income can penalize your
Social Security income before age 66 □ □
4. You need to have worked to get SS. □ □
5. Social Security paychecks keep up with
Inflation □ □

4. -25% +32%

5. AGE: 64 AGE: 62
Basic Benefit (AGE 66): Basic Benefit (AGE 66):
$2300 $800

6. $800 X 75% = $600

7. Everything you need to consider before
Filing for Social Security

8. Everything you need to consider before
Filing for Social Security
$2300 X 35% = $805

9. Everything you need to consider
before filing for Social Security
$2300 X 100% = $2300

10. Primary Income Homemaker
AGE: 61 AGE: 60
Basic Benefit (AGE 66): Basic Benefit (AGE 66):
$2300 $400

11. Option 1: Primary Income
at 62

12. Option 2: Primary
Income at 70

13. Option 3: Homemaker at
66 and Primary at 68

14. Primary Income
62 63 64 65 66 67 68 69 70
62 -$85,668 -$80,148 -$70,366 -$62,101 -$56,928 -$48,636 -$44,760 -$45,300 -$50,256
63 -$82,908 -$77,388 -$61,546 -$53,731 -$49,008 -$41,166 -$37,740 -$38,730 -$44,136
64 -$73,552 -$68,032 -$52,189 -$37,865 -$33,979 -$26,975 -$24,386 -$26,214 -$32,458
65 -$66,955 -$61,435 -$45,593 -$31,268 -$20,035 -$13,846 -$12,072 -$14,714 -$21,773
66 -$62,208 -$56,688 -$40,846 -$26,521 -$15,288 -$936 $0 -$3,480 -$11,376
67 -$76,008 -$70,488 -$54,646 -$40,321 -$29,088 -$14,736 -$4,800 -$7,896 -$15,408
68 -$89,808 -$84,288 -$68,446 -$54,121 -$42,888 -$28,536 -$18,600 -$13,080 -$20,208
69 -$103,608 -$98,088 -$82,246 -$67,921 -$56,688 -$42,336 -$32,400 -$26,880 -$25,776
70 -$117,408 -$111,888 -$96,046 -$81,721 -$70,488 -$56,136 -$46,200 -$40,680 -$39,576

15. Option 4: Primary
Income “File and
Suspend”

16. “File and Suspend”
1. Primary Earner Files at 66 and
“Suspends” Benefit
2. This makes Secondary earner
“eligible” for spousal benefits
3. Primary Earner Re-files at 70
4. Secondary Earner keeps lower
spousal benefit even though Primary
Earner has raised their personal
benefit.

19. Charles “Chuck” Schwab Mrs. Schwab
AGE: 66 AGE: 62
Basic Benefit (AGE 66): Basic Benefit (AGE 66):
$1,930 $1,193

20. Option 1: Both File at 62

21. Option 2: Chuck at 70
and Mrs. Schwab at 64

22. Option 3: FAASF

23. “File As A Spouse First”
1. Lower wage earner files.
2. Higher wage earner files for
spousal benefits at age 66.
3. Higher earner re-files at 70.
4. Surviving spouse receives higher
benefit amount.

25. Divorced Spouse Benefits
1. Must have been married 10 years
2. Must not be remarried.
3. You can claim even if other spouses
are claiming.

26. Taxable Portion of Social Security
MAGI = ½ of SS Income + Income from all sources
Filing Status
Over Max Amount Taxed
Single, HOH 25,000 34,000 50% over $25k
34,000 Unlimited 85% over $34k
MFJ 32,000 44,000 50% over $32k
44,000 Unlimited 85% over $44k
MFS Any 85% over $34k

27. CONCLUSIONS
1. Joint Income Maximization
vs. Individual Income
Maximization

28. 2. Social Security is very
complicated

29. 3. Consider Longevity Insurance

30. RETIREMENT

31. Social Security: How to get $250,000 More
Matthew Illian
Marotta Wealth Management
www.eMarotta.com