Figuring out how to maximize your Social Security benefits can be tough, between determining when to start claiming benefits, how to minimize taxes and how to increase your monthly check. Fortunately, there is a retirement professional who can help you with all of this: a Registered Social Security Analyst (RSSA).
RSSAs can help you figure out what retirement benefits you are in line to receive, how to raise that monthly amount (including through delaying claiming your benefits), project how much of your benefits will be taxable and give you a comprehensive picture of all the benefits Social Security provides, including disability and survivors benefits.
Social Security is still the strongest leg of the storied three-legged stool of retirement that once included employee pensions and personal savings, such as in a 401(k). Pensions are gone, and the average 401(k) and IRA accounts are underfunded. Despite the looming trust fund solvency issues, Social Security benefits will still be there in one form or another.
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The majority of current Social Security checks are funded using payroll tax contributions and income from taxes levied on Social Security benefits. Total income, including interest, to the combined OASI and DI Trust Funds, amounted to $1.351 trillion in 2023 including: $1.233 trillion from net payroll tax contributions, $51 billion from taxation of benefits and $67 billion in interest.
The Social Security Trustees note that the Old-Age and Survivors Insurance (OASI) Trust Fund is expected to become depleted in 2033. Once the OASI trust fund is exhausted, the Social Security Administration will be limited to spending only as much as incoming revenues. Retirees could face an immediate 21% cut in scheduled benefits when the OASI fund is exhausted.
How much more do we need to save to cover the possible reduction in benefits? Well, a bit over $100,000. By working with a RSSA, you might be able to increase your monthly benefit and blunt some of the impact of a smaller check.
Why Social Security planning is essential
Social Security is more than a source of retirement income, it is a social insurance program that can help you throughout your life. Martha Shedden, president and co-founder of the National Association of Registered Social Security Analysts, (NARSSA), stresses that from disability benefits to survivor benefits, "Social Security is a vital part of your personal safety net and not just your retirement plan."
As we edge closer to the Social Security trust fund becoming insolvent, many wonder if there will be retirement benefits available when the time comes. Bradley Hardin and Madison Hardin, RSSAs and financial professionals with AmeriLife of Central Florida, are happy to ally their clients anxieties about the future of their benefits. They explain that "unless people stop paying taxes all together" Social Security will be funded and the worst case scenario is a reduced benefit.
Whatever may happen in the future shouldn't stop you from planning now. In fact, it's even more reason to get a reliable picture of where you stand and how you can boost your benefits going forward, especially in light of potential reductions.
What is a Registered Social Security Agent (RSSA)?
Most of us are familiar with professional designations such as CPA or CFA; many of us also know that a lawyer is admitted to practice after passing a bar exam. Armed with this information, when we search for an accountant, investment adviser, or lawyer, we know what to look for. The designations and accomplishments give us a greater sense of trust because they tell us about a particular professional's education and training.
That was the goal in establishing the RSSA certification, which partially came about after Shedden, an engineer for 30 years, wasn't able to find the type of detailed information she wanted and needed. So in 2017, she helped create the new certification of Registered Social Security Analyst (RSSA).
To get certified, a participant must complete a five-part educational program through the NARSSA, pass the RSSA Competency Final Exam, and meet specific professional requirements. Those who receive the certification are also equipped with a software program called Roadmap that gives clients a personalized picture of their benefit outlook.
I spoke with Frank Garcia, president of Insurance KO, who obtained the RSSA credential to better serve his clients. Like many other RSSAs, he holds two other designations, LUTCF and CSA. Garcia has over 20 years of experience and is passionate about serving and advocating for his clients. To this end, he makes an appointment to visit his local Social Security office monthly to ask questions and stay current.
You may not be aware that although the SSA and their representatives can answer your questions about how to access and maintain your benefits, they aren't allowed to give you advice. They can tell you how to apply, when you are eligible and how much you will receive based on your current earning record. But they can't play with variables, run scenarios or tell you the best time to file for benefits.
How can an RSSA help you?
Social Security benefits are a critical component of most Americans' retirement income. However, the rules and regulations surrounding these benefits are intricate and can be challenging to understand. An RSSA can help you:
- Maximize your benefits: By analyzing your earnings history and other factors, an RSSA can help you determine the optimal time to claim benefits to maximize your lifetime income
- Navigate complex rules: Social Security rules regarding spousal benefits, survivor benefits, and taxation can be confusing and overwhelming. An RSSA can guide you through these complexities and ensure you make informed decisions
- Coordinate your benefits with other retirement income: An RSSA can help you coordinate your Social Security benefits with other sources of retirement income, such as pensions, 401(k)s, and IRAs, to create a comprehensive retirement plan
- Avoid costly mistakes: Claiming Social Security benefits too early or without understanding the rules can result in a significant reduction in your lifetime benefits. An RSSA can help you avoid these costly mistakes
The 'Roadmap' to your claiming strategy
One of the most exciting aspects of what RSSAs offer is a personalized Social Security plan using their proprietary software, Roadmap. It brings together all of your relevant information, including marital status and employment earnings history, to produce a personalized plan that shows you the outcome of different claiming scenarios. This can help you determine when it's the best time for you to take your Social Security benefits.
Have you ever attempted to calculate your estimated Social Security benefit? It's not easy, and some steps would be difficult and time-consuming to attempt.
Social Security benefits are computed using average indexed monthly earnings (AIME)." This is your average monthly earnings over your 35 highest-earning years, adjusted for inflation. Social Security uses the Average Wage Index (AWI) to adjust your wages for inflation, ensuring that only those years where you earn the most are used to calculate your benefit. Applying the index brings nominal earnings up to near-current wage levels. For example, for someone turning 62 in 2025, the indexing year is 2023, two years before eligibility. If they earned $50,000 in 1990, the indexed earnings for 1990 would be valued at $158,400.
The SSA then applies a formula to this average to compute the primary insurance amount (PIA). The PIA number is the basis for the benefits that are paid to an individual. There is also something called bend points; these are thresholds that determine the percentage of AIME used to calculate benefits. There is more to making calculations, but this is a good place to stop. You get the idea of how layered and complex applying the formula used by the SSA can be. Let me show you how this can be much easier.
My favorite aspect of the software is how it is designed to take full advantage of the information available to you in your my Social Security account. The program integrates with SSA.gov, so you can easily upload your earning records directly into the software. By using your SSA earning records, you ensure that your benefits analysis is as accurate and personalized as possible, because it's based on your actual earnings history. The program will do the indexing, apply the bend points and calculate your PIA.
The importance of reviewing your earnings record can't be stressed enough. Incorrect and missing earnings will reduce any retirement or disability benefits you claim and would also reduce the benefits for your dependents and survivors. For more information on how to access and correct your earnings record, read Is Your Social Security Earnings Record Wrong? Here's How to Fix It for step-by-step instructions.
How to Find an RSSA
You can find an RSSA through the National Association of Registered Social Security Analysts (NARSSA) website or by asking for referrals from a financial advisor or other trusted professionals. They can see you in person or meet virtually.
The missing piece of your financial plan
While an RSSA might not be the first professional that comes to mind when planning for retirement, their specialized knowledge can make a significant difference in your financial security during your golden years. Don't overlook this valuable resource as you prepare for your retirement journey.
Remember, many RSSAs have other professional designations, so it may be possible to find an insurance agent, financial advisor or estate planning professional that can serve you in dual capacities. From determining your optimal time to claim your Social Security benefit to delivering permutations of future benefits for every scenario — an RSSA agent can steer you in the right direction to maximize your benefits and retire with possibilities and not problems.
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