Retirement Tips
Expert insights to help you plan and enjoy your retirement.
Your Social Security benefit is based on your 35 highest-earning years. The SSA adjusts those earnings for inflation, then applies a formula to determine your Primary Insurance Amount (PIA).
The Three-Step Process:
1. Average Indexed Monthly Earnings (AIME) — Your top 35 years of earnings, adjusted for wage growth, divided by 420 months.
2. Bend Points Formula — SSA applies percentages (90%, 32%, 15%) to portions of your AIME at specific dollar thresholds.
3. Claiming Age Adjustment — Claiming before Full Retirement Age reduces benefits; delaying past FRA increases them up to age 70.
For personalized guidance, contact RLA at (866) 921-3613.
Some want the simple, quiet life while others want to travel the world, engage in hobbies and pursue new experiences.
Key Considerations:
- Financial Planning — Ensure your savings and income streams align with your desired lifestyle.
- Healthcare — Plan for medical expenses, insurance, and long-term care needs.
- Purpose & Engagement — Volunteering, hobbies, part-time work, or mentoring can provide fulfillment.
- Social Connections — Maintaining relationships and building new ones is vital for well-being.
"In a world of Economic Chaos, RLA is Your Voice of Reason."
Many Americans are surprised to learn that up to 85% of their Social Security benefits could be taxable.
Income Thresholds (Single filers):
- $0 – $25,000: Benefits are not taxed
- $25,000 – $34,000: Up to 50% of benefits may be taxed
- Above $34,000: Up to 85% of benefits may be taxed
Strategies to minimize tax impact:
- Consider Roth IRA conversions before claiming benefits
- Manage retirement account withdrawals strategically
- Coordinate claiming timing with your overall tax picture
Contact us at (866) 921-3613 for a personalized tax-efficient strategy.
