Social Security

Social Security is a source of retirement income guaranteed to last until the end of your life. Even if you were to deplete your resources—and a plan from Gosho Financial Group will help you avoid that—you would still have income from Social Security.

However, your monthly and lifetime benefits can vary greatly depending on your highest earning years, when you start claiming Social Security, and spousal benefits. Here are just a few of the ways we help clients navigate changing regulations and family situations to provide the greatest possible financial security from this essential retirement insurance program. 

Get the most from your benefits

Your lifetime primary insurance amount (PIA) from Social Security can vary widely depending on your top earning years, whether you continue to work while getting Social Security, and when you choose to start receiving payments, among other factors. We help clients determine the best time to file for Social Security.

Coordinate with your overall retirement plan

Social Security planning is part of your retirement plan. We work with you to ensure you get the most from pensions, 401(k) plans, IRAs, and other retirement income sources, as well as your government benefits.

Understand and take advantage of complex Social Security planning considerations
We run the actuarial tables so you don’t have to, calculating your lifetime benefits under different scenarios and helping you make Social Security and retirement decisions that fit your unique life situation.

There are many ways to increase your Social Security benefits. We can show you which might work for you and help you make smart decisions about this foundational part of your retirement.

Maximize your earnings 

Your Social Security PIA is calculated based on your 35 top earning years. If you are at the peak of your earning power in your 60s, delaying retirement could cause lower earning years to drop off, thus increasing your monthly payment amount.

Plan for your final years of work

If you start taking Social Security before full retirement age and are still working, you’ll lose $1 in benefits for every $2 you earn over an annually set limit, currently well under $30,000. That might allow you to work part-time without losing any Social Security. Once you reach full retirement age, your income doesn’t affect your Social Security check. We can help you with a retirement plan that optimizes your retirement savings and income.

Start benefits later

The full retirement age for Social Security is 66 if you were born in 1954 or earlier. The age increases incrementally for those born between 1954 and 1960. If you were born in 1960 or later, your full retirement age is 67.

You can apply for Social Security as early as age 62, but your monthly benefits are reduced for every month below full retirement age. The deduction can be as much as 30%, and you will continue to receive benefits at this reduced level for the rest of your life.

On the other hand, if you delay your retirement, you get an 8% credit for every year you postpone Social Security up to age 70. For someone born before 1954, that is as much as 32% more in your monthly check for life. If you were born after 1960, you could get a bump of up to 24%. There’s no benefit to delaying Social Security beyond age 70.

Take advantage of spousal and survivor benefits

You may be entitled to Social Security based on a former spouse. There are also benefits for minor children and surviving spouses, which factor into your lifetime Social Security benefits. Gosho Financial Group will calculate your options and help you plan for a stress-free retirement.

If you were married for at least 10 years and have been divorced for at least two years, you may qualify for Social Security based on your spouse’s earnings. Your spouse’s marital status doesn’t affect this, but you must not be remarried.

Your maximum divorced spouse benefit is 50% of your former spouse’s PIA. If you were born before 1954, you can take the divorced spouse benefit starting at age 62 and then switch to your full Social Security benefit between age 66 and 70. You can qualify for this benefit even if your spouse is not retired.

However, for people born after 1954, taking the spousal benefit will lock you into that amount of PIA in perpetuity, so you need to calculate whether you would receive a higher benefit by delaying Social Security and having your PIA set by your lifetime earnings.

We work with many people who are divorced and include spousal benefits in their Social Security planning.

Social Security planning is only one element of your retirement plan. While it’s an essential and secure part of your retirement income, government benefits aren’t enough for most people to live on in the Bay Area. We help clients build wealth that will last a lifetime and provide a legacy for the next generation. Here are some benefits of Gosho Financial Group’s financial planning services.

Personalized financial planning

Gosho Financial Group doesn’t do cookie-cutter financial plans that cobble together index funds based on published rates of return. Instead, we do a deep dive into market forces and match hand-picked individual stocks to your financial goals. Our decades of working with clients and our loyal client base have proven the effectiveness of the Gosho Way of financial planning.

Passive income planning

We can develop a plan that creates passive income to support you before and during your retirement. Passive income allows you to live off the interest and dividends from your investments without dipping into the principal, so you don’t have to worry about running out of retirement savings.

Integrated retirement planning

Retirement planning is part of your life plan. While you save for retirement, we help you plan for other life events, such as sending a child to college or purchasing a vacation home. We look at each client as a whole person with multiple goals and priorities, and our financial and retirement plans help you work toward all your dreams.

Individualized attention

When you partner with Gosho Financial Group, you get more than a trusted financial advisor; you get someone you can lean on when life throws you a curveball. We’re here to answer your questions and walk with you when the unexpected happens.