Four Tips to Help Maximize Social Security

Incorporating Social Security into a retirement strategy is a smart move
By: Thrivent Financial
Charles & Stephanie Leiser, Blue Ridge Group of Thrivent Financial
Charles & Stephanie Leiser, Blue Ridge Group of Thrivent Financial
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* Roanoke - Virginia - US

ROANOKE, Va. - July 14, 2018 - PRLog -- Money taken out of your paycheck every month may be unwelcome now but it can give you monthly income later in life.

However, some question if Social Security will last long enough for those in the workforce now. According to Social Security trustees, enough reserves exist for the system to pay 100 percent of promised benefits until 2033, without further reform. Full benefits are available at age 65 for those born before 1938, gradually increasing to age 67 for those born in 1960 or later. However, there is more to Social Security than just applying for retirement benefits when you are eligible at age 62 or over. By waiting, you can maximize your benefits, which will increase every year until age 70 should you choose to wait to file for Social Security retirement benefits.

Thrivent Financial suggests considering these four tips before applying for Social Security.

1.  Don't assume it won't be there. Social Security is projected to last at least until 2033, so the first mistake is writing it off as a resource that won't be available. Planning early for the role Social Security will play in your retirement will prevent you from being caught off guard and missing out on increased benefits once you are ready to start collecting.

2.  Know your situation. Retirement income planning is critical. Social Security has many nuances, so adopting a personalized approach is necessary in order to get a better grasp of your retirement future. By using your current information from the Social Security Administration, financial representatives may be able to create scenarios that give you an idea of how the age you begin receiving distributions by can impact the monthly amounts you will receive. For example, if you're divorced or widowed, a financial representative will be able to calculate the different ways you can claim benefits and how they shape your retirement strategy.

3.  Wait to draw. Now that you are planning for it, figure out when is the right time for you to start receiving benefits. For many people, this will most often be after the age they are eligible to start collecting full benefits. For every year that you delay, Social Security benefits will increase by a set percentage, eventually putting your monthly benefit above 100 percent. Delaying can also multiply the benefits after it is adjusted for cost-of-living and can potentially reduce the number of years your benefits are subject to income taxes. Factors to consider when thinking about when to file for your Social Security benefits include: health status, life expectancy, need for income, future employment and survivor needs. A financial representative can help you build all of this information into an overall retirement strategy.

4.  Get your financial house in order. If you delay your Social Security benefits, you will need to have another way to pay for your needs while you are not working. If you planned early enough, you will likely have adjusted your finances so that you are prepared. Again, talking to a representative can help you plan the best option in the interim before Social Security paychecks.

Social Security can be confusing, but talking to a representative can help you clarify the role it can play in your retirement strategy.Once you have a strategy in place, you will be able to enjoy your retirement years without worrying about where the next paycheck will come from.

This column was prepared by Thrivent Financial for your local representatives' use.

Thrivent Financial is represented in the Roanoke, VA area by the Blue Ridge Group of Thrivent Financial, which includes Charles H. Leiser, Financial Representative and Stephanie Oliver Leiser, Associate at 1340 Maple Avenue SW, Roanoke, (540) 491-9993.

Thrivent Financial is looking for talented individuals to join the organization. Those interested in a career with Thrivent Financial can visit

About Thrivent Financial
Thrivent is a not-for-profit membership organization that helps Christians be wise with money and live generously. It offers its more than 2 million member-owners a broad range of products, services and guidance nationwide. For more than a century it has helped members make wise money choices that reflect their values while providing them opportunities to demonstrate their generosity where they live, work and worship. For more information, visit ( You can also find us on Facebook ( and Twitter (
Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent. For additional important information, visit

Thrivent Financial for Lutherans and its respective associates and employees have general knowledge of the Social Security tenets; however, they do not have the professional expertise for a complete discussion of the details of your specific situation. This report provides only broad, general guidelines, which may be helpful in shaping your thinking about and discussing your situation. For additional information, contact your local Social Security Administration office.

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Blue Ridge Group of Thrivent Financial
Stephanie Leiser
(540) 491-9993
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