Your 2026 Social Security Playbook: 5 Moves to Make Before Filing

Social Security is a crucial aspect of planning for retirement, but it’s essential to take proactive steps to ensure you maximize your benefits. Here is a comprehensive checklist of five steps to consider before filing for Social Security.

1. Review your earnings statement
The Social Security Administration calculates your benefits based on your lifetime earnings. It’s crucial to ensure that your earnings statement is accurate, as higher lifetime earnings can result in higher benefits. You can access your statement online or request it via mail. Verify the information with your tax forms and request corrections if necessary.

2. Run claiming scenarios
You can receive your full Social Security benefit once you reach your full retirement age, but delaying benefits beyond that age can increase your benefits by 8% per year up to age 70. Utilize the SSA’s tools and calculators to determine the optimal time to start receiving benefits based on your financial situation.

3. Coordinate with your spouse
If you’re married, coordinate with your spouse to maximize household benefits. You can claim benefits based on your own work record or up to 50% of your spouse’s benefits at full retirement age. Consider the options of claiming spousal benefits and strategically timing when each spouse claims their benefits.

4. Plan for taxes
Up to 85% of your Social Security benefits can be taxable, depending on your income. Understand your tax bracket and set aside funds for potential Social Security taxes. Calculate your combined income, which includes adjusted gross income, tax-exempt interest income, and half of your Social Security benefits, to determine your tax liability.

5. Prepare your application
You can apply for Social Security up to four months before you want to start receiving benefits. Gather all necessary documents, such as your tax return and proof of age, before submitting your application. Be prepared to provide the required information to streamline the application process.

By following these five steps and carefully planning your Social Security strategy, you can maximize your benefits and secure a stable financial future in retirement.