Social Security Essentials: Practical Ways to Boost Your Benefit
Social Security is a cornerstone of most retirement plans. Once you understand the basics, you can make smarter choices that help you lock in the highest benefit you’re entitled to. Use these quick facts and simple pointers to guide your planning.
What do typical payments look like?
The average monthly check is $1,785. Workers who hit the maximum yearly earnings of $175,000 for 35 years can qualify for much larger payments—about $4,875 per month. Knowing your expected amount is a key input to your retirement budget.
How timing changes your payout
When you start matters—a lot.
At age 62: Filing early reduces your monthly payment.
Delaying benefits: Your payment rises by roughly 8% per year you wait (up to age 70). Waiting longer can mean thousands more over a long retirement.
Minimum benefits for lower earners
If you didn’t receive a government pension and your lifetime wages were modest, Social Security provides a basic safety net. With 30 years of covered work at the minimum level, the estimated 2025 benefit is about $1,066 per month.
Why these facts matter
Plan your retirement income: Better estimates lead to better decisions about when to stop working and how much to draw from savings.
Choose your filing age wisely: Starting early versus waiting changes your monthly cash flow for life.
Maximize lifetime income: Small tweaks—confirming your earnings record or delaying your claim—can translate into meaningful monthly increases.
Bottom line
Social Security will likely be a major part of your retirement paycheck. Understanding how benefits are calculated—and how timing affects them—helps you make choices that support the lifestyle you want.
If you’d like help running the numbers and coordinating Social Security with your investments and taxes, FMD Wealth Advisors can walk you through your options. Schedule your Free - Assessment Call here.
Disclosures: FMD Wealth Advisors LLC (“FMD Wealth Advisors”) is a Registered Investment Adviser.
This material is for general information only and is not individualized legal or tax advice. Consult your attorney and CPA regarding legal and tax matters specific to your circumstances. This content is intended to provide general information about FMD Wealth Advisors. It is not intended to offer or deliver investment advice in any way. Information regarding investment services is provided solely to gain an understanding of our investment philosophy, our strategies and to be able to contact us for further information.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.
Past performance is no guarantee of future returns.
Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable. Additional Important Disclosures may be found in the FMD Wealth Advisors Form ADV Part 2A. For a copy, please Click here.