Understanding Social Security

In partnership with

Hey Coach,

Most coaches think of Social Security as something far away…
or something they’ll “figure out later.”

But Social Security is a core piece of your retirement defense, and the decisions you make around it can be worth tens or even hundreds of thousands of dollars over your lifetime.

This week, let’s break it down simply.

What Social Security Actually Is

Social Security is inflation-adjusted, guaranteed income for life, backed by the government.

Think of it as a pension-like base layer, not your entire retirement plan - but a very important one.

It’s designed to:

• Replace a portion of your income

• Provide stability when markets are volatile

• Last as long as you do

How Your Benefit Is Calculated

Your Social Security benefit is based on your highest 35 years of earnings, adjusted for inflation.

Key points:

• Fewer than 35 years worked? Zeros get averaged in.

• Higher earnings earlier or later both help.

• Raises and promotions late in your career still matter.

Social Security favors consistency over flash, just like good coaching.

Your Full Retirement Age (FRA)

Your Full Retirement Age (FRA) is when you’re entitled to 100% of your calculated benefit.

For most coaches today, FRA is between 66 and 67 depending on birth year.

This age becomes the reference point for all claiming decisions.

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When Can You Claim? (And the Tradeoffs)

Claim at 62 (Early)

• Smaller monthly check (about 25–30% less)

• Money sooner

• Higher risk of outliving benefits

Claim at FRA

• Full benefit

• Balanced approach

• Often ideal for many coaches

Claim at 70 (Delayed)

• Benefits increase ~8% per year after FRA

• Maximum guaranteed income

• Strong longevity protection

There’s no universal “best” age - only what fits your plan.

What Should Coaches Consider Before Claiming?

Before pulling the trigger, consider:

• Health and family longevity

• Pension income or other retirement savings

• Whether you plan to keep working

• Your spouse’s benefits (if married)

• Your need for income vs flexibility

Social Security works best when it’s coordinated, not rushed.

Big Mistakes to Avoid

🚫 Claiming early without a reason
🚫 Ignoring spousal benefits
🚫 Treating Social Security as “extra money”
🚫 Failing to factor in taxes
🚫 Making the decision without a plan

Once you claim, the decision is mostly locked in.

Final Whistle

Social Security isn’t about “getting the most checks.”
It’s about building a reliable income system.

Know how your benefit is calculated.
Understand your options.
Choose the timing that supports your long-term game plan.

That’s how coaches stay in control - even in retirement.

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Coach Mike Klinzing
Founder, Wealth4Coaches
"Coach smarter. Save better. Live freer."