Know These Social Security Strategies If You're About To Retire

Ready to squeeze every dollar from Social Security? This episode of The Perfect Retirement Plan? is a must-listen for career professionals getting close to retirement. Want bigger lifetime benefits and lower taxes? Phillip Smith, financial planner and Marine veteran, shows how the right filing sequence can add six figures to lifetime household income and help bolster the surviving spouse’s check.

Chapters Roadmap:
• Why Social Security timing matters for dual-income couples
• Strategy 1: Delaying benefits for a 26% boost and stronger survivor income
• Strategy 2: Coordinating spousal benefits for an instant household “pay raise”
• Strategy 3: Filling the “Tax & IRMAA Gap” with Roth conversions and 0%-rate capital gains
• Strategy 4: Smart moves for widows and widowers to lock in the larger check
• Case study of a Pacific Northwest couple who gained $200k by delaying and converting
• Action steps to claim your SSA.gov account, mark key ages, and run a claiming calculator

If you’re 55-65 and searching “when should I take Social Security,” “maximize spousal benefits,” or “IRMAA avoidance strategy,” hit play now. Then subscribe and ring the bell so you never miss fresh insights on retirement income, tax efficiency, investment strategy, and legacy planning. 

Thanks for tuning in to this episode of The Perfect Retirement Plan, and remember: it's not about having the smartest financial advisor, the most money saved, or the highest probability of retirement success. The perfect retirement plan, for you – is the one you act on.

Phillip Smith, CRPC AIF |  Financial Planner
Tidepool Wealth Strategies
450 Country Club Road, Suite 350 | Eugene, OR | 97401

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Additional Disclosures: 
The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera Wealth Services, LLC cannot guarantee or represent that it is accurate or complete.
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. 

Transcript

Episode: Social Security Strategies for Late-Career Professionals: Boosting Lifetime Benefits for You and Your Spouse 

Outline

• Introduction
• Roadmap
• Why Social Security Timing Matters for Late-Career Couples
• Strategy 1: Delaying Benefits
• Strategy 2: Coordinating Spousal Benefits
• Strategy 3: Filling the "Tax and IRMAA Gap" 
• Strategy 4: Claiming Decisions for Widows and Widowers
• Hypothetical Case Study
• Action Steps
• Closing

[Intro]
Hi, I’m Phillip Smith, financial planner with Tidepool Wealth Strategies, guiding late-career professionals toward retirement with clarity, confidence, tax-smart income, and purpose. Welcome to The Perfect Retirement Plan?

Great to have you wading with me today.

[Hook]

Imagine you and your spouse are 63, relaxing after a hike through the Columbia River Gorge. You casually ask, "When should we file for Social Security?" That question seems innocent but can dramatically swing your lifetime income, by more than a hundred thousand dollars. Today, we'll ensure your decision is based on clear strategy rather than guesswork or casual advice from friends at dinner parties.

If Social Security feels simple to you, just wait. Today we have timing tricks, tax surprises, and even some actuarial romance ahead.

[Roadmap]

Here's our journey today:

• Why the timing of Social Security matters greatly for couples nearing retirement.
• The benefit of delaying claims and why that boosts survivor income.
• Coordinating spousal benefits chronologically, getting that built-in raise just right.
• Smart financial moves during your low-income "gap years" before claiming.
• Key considerations for widows and widowers to protect that larger check.
• A real-life Pacific Northwest couple's scenario to highlight dollar impacts.

No time to waste. Let's dive in.

Here’s Why Social Security Timing Matters for Late-Career Couples

Social Security may seem straightforward, but for professional couples, it typically replaces only 25 to 35% of pre-retirement income. Yet, it's inflation-adjusted, lasts your lifetime, and provides essential survivor protections. The average monthly benefit for higher-earning professionals now exceeds $3,500. Timing your claim strategically can significantly amplify this guaranteed lifetime income, making Social Security a cornerstone rather than an afterthought.

CACHE: Think of timing Social Security as catching a wave at the beach. Paddle too soon or too late, and you miss the ride entirely. Get the timing right, and it effortlessly carries you much further.

Great analogy! Let’s jump into these strategies.

Strategy 1: Delaying Benefits – Bigger Checks and Stronger Survivor Income

The timing of your Social Security claim affects your check size dramatically. Let's break it down chronologically:

First, understand your Full Retirement Age (FRA), which is 67 for most people. If your monthly FRA benefit is $3,100, claiming then gives you exactly that amount.

Second, each year you delay past FRA increases your check by approximately 8% per year until age 70. If you wait until 70, your benefit could grow from $3,100 to about $3,905. You want to believe it’s just a 24% increase – 8+8+8, but the reality is that it’s just like compounding growth. Over those three years, you actually see a 26% increase. And that’s not even accounting for the annual cost of living adjustment

Next, consider longevity. If you or your spouse lives into your 90s, that delay can add roughly $200,000 more in lifetime benefits, even after accounting for those initial unclaimed years. Again, we’re leaving out cost-of-living increases, or COLA.

Finally, delaying also boosts survivor benefits. If the higher earner waits until 70, the surviving spouse will receive that permanently larger check, essentially securing higher lifelong income and improved financial stability.

Delaying isn't just a benefit for yourself; it's also an enduring gift to the spouse who lives longer. Romantic? Eh, maybe not. Financially smart? Absolutely.

Strategy 2: Coordinating Spousal Benefits – Maximizing the Household Pay-Raise

To get spousal benefits right, the sequence matters:

First, the higher-earning spouse (let’s call him Mark) files for his benefit. Let's say Mark's monthly FRA benefit is $3,000. He files at FRA or later.

Next, Julie, whose own FRA benefit is $1,200, can now choose between her benefit or a spousal benefit (which is half of Mark's, in this case, $1,500).

Then, when Julie reaches her FRA, she files for her benefits, automatically receiving the higher of the two, the $1,500 spousal instead of the $1,200 she’d receive on her own earnings record.

The result is that the household sees an immediate "pay raise" of $300 per month. Over 25 years, that extra amount – indexed for inflation – can add well into a six-figure dollar amount to your family's total retirement income.

Think of it this way: Getting half of a larger pizza beats having a smaller pizza all to yourself. Don't let that extra slice go untouched.

Strategy 3: Filling the "Tax and IRMAA Gap" – Smart Withdrawals Before Claiming

Your "gap years" – the period between retirement and claiming Social Security – present a unique low-tax opportunity.

Initially, your income naturally drops during this gap, putting you in lower tax brackets. Use these years wisely:

First, one consideration would be to review whether to perform Roth conversions. If it makes sense for your situation, then execute Roth conversions strategically, keeping them within your lower tax brackets to minimize future Required Minimum Distributions (RMDs) and Medicare IRMAA surcharges.

And here’s a quick disclosure interjection thing: converting from a traditional IRA to a Roth IRA is a taxable event, people!

Next, selectively harvest long-term capital gains at favorable 0% or 15% rates instead of paying higher taxes later.

Then, draw from taxable accounts to fund living expenses, allowing your IRA and 401(k) balances to continue growing untouched.

A recent study by the Center for Retirement Research highlights that strategic gap-year moves can increase lifetime after-tax income by 5-7%.

Consider these gap years like financial spring cleaning: you're tidying up your accounts now so your financial house stays cleaner and simpler later on.

Next up: Strategy 4: Claiming Decisions for Widows and Widowers – Protecting the Larger Check

If you lose a spouse, the survivor keeps only the higher of the two checks. Thus, timing and sequence of benefits become critical.

First, remember survivors can claim as early as 60, but doing so reduces the monthly benefit.

Next, the survivor has flexibility to switch between their own benefit and survivor benefit, but the sequence you choose locks in permanent amounts.

Then, if the higher-earning spouse delayed to age 70, their higher benefit is preserved as the survivor benefit, securing greater lifelong income for the surviving spouse.

Finally, understand remarriage rules: Remarrying before age 60 could forfeit eligibility for your deceased spouse's survivor benefit. Plan thoughtfully.

Social Security survivor benefits are like chess moves: the right sequence of actions early on can protect your position for life.

Yessir. Let’s consider a Hypothetical Case Study: Paul and Lauren, Ages 63 and 61

Paul expects a $3,400 FRA benefit. Lauren’s FRA benefit is $2,000. They want to retire next year, live off savings, and delay Social Security to age 68. They each have a history of good health and longevity in their family, with grandparents and parents living into their late 80s and early 90s.

By modeling different strategies – claiming early, mixed claiming ages, and full delay plus tax-smart moves – Paul and Lauren find that delaying both their benefits until age 70, combined with strategic gap-year Roth conversions, raises their lifetime projected after-tax income by more than $200,000, simultaneously securing higher survivor income. This hypothetical is a conservative result of what I’ve modeled for clients dozens of times over the past couple of years.

Well, those are the four strategies worth discussing. Now what’s your next move?

[Action Steps]

...You’ve hopefully learned quite a bit today. Let's take some action on this knowledge:

First, create your account at SSA.gov.
 Next, mark your FRA and age 70 clearly on a calendar.
 Then, run a Social Security calculator or consult with a financial advisor.
 Finally, plan strategic gap-year withdrawals and conversions.

[Closing]

Thanks for tuning in today. I hope you found this info helpful as you weigh your different options. Feel free to reach out on tidepoolwealth.com, or you can find my email address in the available info on whichever platform you’re listening from.

Remember, it’s not about having the smartest financial advisor, the most money saved, or the highest probability of retirement success. The perfect retirement plan for you is the one you act on!

[DISCLOSURE CLIP]

It’s disclosure time! This podcast is intended for educational purposes only and should not be used for any other purpose. The views depicted in this material should not be considered specific advice or recommendations for any individual, are not intended to be financial, tax, or legal advice and are not representative of Tidepool Wealth Strategies or Cetera Advisor Networks LLC. For a comprehensive review of your personal situation, always consult with a financial, tax, or legal advisor. Neither Cetera nor any of its representatives may give legal or tax advice. Our office address is 450 Country Club Road Suite 350, Eugene, Oregon 97401. Securities and advisory services are offered through Cetera Advisor Networks LLC, a broker-dealer and registered investment adviser, and member of FINRA and the SIPC. Cetera is under separate ownership from any other named entity.

Sources

• Social Security Administration: 2025 Retirement Benefits Fact Sheet.
• Center for Retirement Research: Claiming Age Study, 2024.
• IRS Publication 554, Tax Guide for Seniors, 2025.
• AARP Spousal and Survivor Benefits Guide, 2025.