You’ve earned it. After decades of hard work, Social Security is your well-deserved reward, but claiming it without a plan is where retirees often leave money on the table. LaTour Asset Management in Springfield wants to help you understand your options and make informed choices that align with your long-term financial goals. Our insights below can help you start thinking strategically about your Social Security benefits.
- Timing Is Everything—So Is Life Expectancy
One of the most impactful decisions you can make is when to claim Social Security. Your full retirement age (FRA) falls between 66 and 67 depending on your birth year. But you can start as early as 62—or delay until 70. Here’s what you need to know:
- Early claims reduce your benefit permanently—up to 30% lower than if you waited.
- Each year you delay beyond FRA boosts your benefit by about 8%.
- If longevity runs in your family or your health outlook is strong, waiting can significantly increase your lifetime payout.
We often walk Springfield retirees through a side-by-side comparison of their timing options. The difference can be thousands.
- Your Work History Still Counts
The Social Security Administration calculates your benefit using your highest 35 years of earnings. If you worked fewer years, those missing years are filled with zeroes—which drags your average down. In certain situations, we recommend these useful strategies:
- Keep working a bit longer if you can replace low-earning years with higher ones.
- Take advantage of raises or side gigs late in your career. Those earnings could boost your calculation if they’re among your top 35.
Even in retirement, it’s worth knowing how your work history affects your benefit.
- Understand the Earnings Limit
Planning to work part-time while drawing benefits? Be aware of this important catch!
If you’re under your FRA and earning more than the annual limit (in 2025, it’s $23,400), your benefit may be temporarily reduced. But once you hit your FRA, that limit disappears, and your benefit is recalculated to account for what was withheld.
So don’t panic—those dollars aren’t lost forever. But they do impact cash flow in the short term. It’s worth coordinating with a Springfield-based wealth advisor to model out your income sources properly.
- Look Beyond Just Your Benefits
Spouses and dependent children may qualify for Social Security based on your earnings record. In fact:
- Spouses can receive up to 50% of your benefits—even if they never worked.
- Widows and widowers may be eligible for survivor benefits.
- Children may qualify if they’re under a certain age or have a qualifying disability.
This is especially important in blended families or when there’s a large income gap between spouses. We help Springfield clients make sure no one in the household is leaving eligible benefits behind.
- Taxes Still Apply—But Can Be Managed
Yes, your Social Security can be taxed. If your combined income exceeds certain thresholds (as low as $25,000 for individuals or $32,000 for couples), up to 85% of your benefit may be taxable. But there are smart ways to reduce your tax burden:
- Consider drawing from Roth IRAs or other tax-free sources.
- Adjust distributions from other retirement accounts to keep income under critical thresholds.
Our team can help coordinate a tax-efficient withdrawal plan tailored to your full financial picture.
- Don’t Skip the Guidance
The SSA.gov website offers useful calculators and resources, but understanding your benefit options in context—with taxes, healthcare, pensions, and investment income—requires personal insight. When you work with LaTour Asset Management in Springfield, we take time to explain how Social Security fits into the bigger picture. We help you make confident choices, aligning your benefits with your long-term income plan.
Need Help Making the Most of Your Social Security? We’ve Got Answers
It’s never too early—or too late—to check your strategy. Whether you’re months away from retiring or already receiving benefits, the team at LaTour Asset Management in Springfield is ready to help you optimize your plan. Call (877) 888-5724 and let’s make sure your Social Security is working as hard for you as you worked to earn it.
