Social Security Planning in South Jersey
Social Security is one of the most important financial decisions you’ll make in retirement — and one of the most misunderstood. Claim too early and you lock in a permanently reduced benefit. Wait too long and you may leave money on the table. The right answer depends entirely on your situation.
At Independence Wealth, Social Security planning is a core part of every retirement plan we build. Eric Nelson, CFP®, works with South Jersey retirees to analyze their options and identify the claiming strategy that makes the most sense for their income, health, and goals.
Why Social Security Timing Matters
The difference between claiming at 62 versus 70 can exceed $100,000 in lifetime benefits for many retirees. And for married couples, the stakes are even higher — coordinating two claiming strategies adds another layer of complexity that most people never fully think through.
A few factors that affect the optimal claiming decision:
- Your health and life expectancy
- Whether you’re still working
- Your spouse’s age and benefit amount
- Other sources of retirement income
- Your tax situation in retirement
There is no universally correct answer. That’s exactly why a personalized analysis matters.
What We Cover in Social Security Planning
Breakeven Analysis We calculate your personal breakeven point — the age at which delaying benefits pays off — and weigh it against your specific circumstances.
Spousal and Survivor Benefits For married couples, the higher earner’s benefit becomes the survivor benefit. Getting this decision right can have a significant impact on a surviving spouse’s financial security.
Impact on Taxes Up to 85% of Social Security benefits may be subject to federal income tax depending on your other income. We factor this into your broader retirement tax strategy so there are no surprises.
Coordination with Retirement Income When you claim Social Security affects how much you draw from your investment accounts and when. We look at the full picture — not Social Security in isolation.
Why South Jersey Residents Work With Independence Wealth
Independence Wealth is a fee-based, independent fiduciary advisory firm based in Voorhees, NJ. Eric Nelson is a CERTIFIED FINANCIAL PLANNER® professional, which means he can address the full range of retirement planning needs — investment management, tax strategy, and insurance — without sending you elsewhere for every question.
Eric works with a select number of clients, which means you work directly with your advisor — not a junior associate or a rotating team.
Frequently Asked Questions
What is the best age to claim Social Security? It depends. For single individuals in good health with sufficient other income to bridge the gap, delaying to 70 often maximizes lifetime benefits. For those with health concerns or who need the income sooner, claiming earlier may make more sense. We run the numbers specific to your situation.
Can I work and collect Social Security at the same time? Yes, but if you claim before your full retirement age, your benefit may be temporarily reduced if your earnings exceed certain limits. Once you reach full retirement age, there is no earnings penalty.
How does Social Security affect my taxes? Depending on your combined income, between 0% and 85% of your Social Security benefit may be taxable at the federal level. New Jersey does not tax Social Security benefits. We build this into your overall tax plan.
What if I’m divorced? You may be eligible to claim a benefit based on your ex-spouse’s earnings record if the marriage lasted at least 10 years and you meet certain other requirements. This does not affect your ex-spouse’s benefit.
How do I get started? Start with a conversation. No cost, no commitment — just a straightforward discussion about your situation and whether we’re a good fit.
Ready to Talk?
Getting Social Security right is worth the time to do it properly. If you’d like a clear, honest review of your options, we’d welcome the conversation.
Independence Wealth is a registered investment advisor serving clients throughout South Jersey, including Burlington, Camden, and Gloucester counties.