Kelley C. Pyles, CFP with Royal Fund Management, Interviewed on Podcast Discussing How Social Security Impacts Retirement

Kelley Pyles discusses her approach to helping clients create a savings plan that makes sense for a successful future. Social Security is a necessary part of a comprehensive retirement income strategy; there are important considerations before claiming early. Working with a financial professional is crucial in coordinating three types of benefits.

Listen to the interview on the Business Innovators Radio Network:

Pyles says, “By combining the proper social security claiming strategy, the judicial use of annuities within qualified plans, and other financial instruments, a synergistic effect can be created. This approach could minimize exposure to market risk, assure the continuation of tax-efficient income, and significantly increase the after-tax amount received.”

Social Security is a crucial part of many people’s retirement planning. The Social Security Administration (SSA) estimates that about 60% of elderly Americans rely on Social Security for at least half of their income.

For most people, deciding when to claim Social Security benefits is one of the most important financial decisions they will make in retirement. The key to making the right decision is understanding how Social Security works and fits into an overall retirement plan.

Here are some things to consider when making claiming decision:

Full Retirement Age

The full retirement age (FRA) is the age at which someone is eligible to receive full Social Security benefits. For people born between 1943 and 1954, FRA is 66. For those born in 1960 or later, FRA is 67. If they claim benefits before reaching FRA, their benefit will be reduced.

Life Expectancy

Life expectancy is an essential factor to consider when claiming Social Security benefits. Generally speaking, the longer someone is expected to live, the more advantageous it is to delay claiming benefits. This is because Social Security benefits are designed to replace a more significant portion of working income if they claim them later in life. For example, if they claim benefits at age 70 rather than 62, their benefit will be 28% higher. This can make a big difference in their overall retirement income.

Health Status

Health status is another critical factor to consider when making Social Security claiming decision. Generally speaking, the healthier someone is, the longer they can expect to live. Waiting to claim Social Security benefits may be advantageous if someone is in good health. On the other hand, if their health is not good and they don’t expect to live a long life, it may be better to claim benefits earlier. This is because they’ll want to maximize the time they spend receiving benefits.

The Bottom Line

Deciding when to claim Social Security benefits is a complex one. There are a lot of factors to consider, and there is no single right or wrong answer. The best thing you can do is to become educated about how Social Security works and how it fits into the overall retirement plan.  


About Kelley C. Pyles

Kelley C. Pyles is a CERTIFIED FINANCIAL PLANNER™, Certified Long Term Care Specialist, Independent Investment Adviser Representative, and insurance professional. Kelley’s number one priority is ensuring that clients can live their lives to the fullest and make the most of their hard-earned money.

Kelley began her career in financial services with Allstate Insurance. Over her twenty-year career there, she developed a passion for helping others with their finances. She began to focus solely on the financial services industry and retirement planning. Kelley obtained her CFP® certification and is proud to serve as a fiduciary adviser acting in the best interest of her clients in every part of her practice.

Kelley’s specialties include income and legacy planning, investment advice, analyzing the proper balance of risk and safety, long term care planning, and tax minimization strategies. She passed the Series 65 securities exam and holds her life and health insurance licenses. She earned her bachelor’s degree from the University of Florida and is an avid Gator fan.

In her free time, Kelley enjoys cooking, reading, and spending time with her family and friends. She and her husband, Jim, have been married for 30 years. They have two children, William and Katie. William is currently serving in the Marine Corps as a crew chief on the CH-53K helicopter. Katie is in 11th grade. She enjoys softball, volleyball, and jet skiing. 

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Certified Financial Planner |A213175
Investment Adviser Representative of and investment advisory services offered through Royal Fund Management, LLC a SEC Registered Investment Adviser. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.




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