By Mark Ziety, CFP®, AIF®, Financial Advisor, WisMed Financial
Social Security is a vital part of retirement income for most Americans, including physicians. But navigating Social Security retirement can be confusing. Making an informed decision requires an understanding of benefits, claiming strategies, spousal, and survivor benefits.
Eligibility:
To qualify for Social Security retirement benefits, you must have worked and paid Social Security taxes for at least ten years (forty credits).
Benefits:
The amount of your monthly benefit depends on your average indexed earnings throughout your working career. The Social Security Administration (SSA) uses a formula to calculate your benefit based on your highest 35 years of earnings. Generally, the longer you wait to claim benefits (up to age 70), the higher your monthly payment will be.
Claiming Strategies:
- Full Retirement Age (FRA): This is the age at which you are eligible to receive your full retirement benefit. The FRA is between 66 and 67, depending on your year of birth.
- Early Retirement: You can start receiving benefits as early as age 62, but your monthly benefit will be permanently reduced.
- Delayed Retirement: If you wait past your FRA to claim benefits (up to age 70), your benefit will increase each month.
Spousal Benefits:
- Are you married? If you are married to a retiree receiving Social Security benefits, you may be eligible for spousal benefits. These benefits can be up to 50% of your spouse’s full retirement benefit if started at your FRA. Starting spousal benefits earlier than FRA results in a reduced amount. However, starting spousal benefits after FRA does not result in an increase.
- Divorced? Even if you are divorced, you may be eligible for spousal benefits if you were married for at least ten years, are currently unmarried, and are at least 62 years old.
Survivor Benefits:
- Death of a spouse or ex-spouse? You may be entitled to survivor benefits. The amount you receive depends on your age, whether you have any dependent children, were married for at least 9 months at the time of death, or were married for 10 years for death of a divorced spouse.
Choosing the Right Time to Claim:
The best time to claim your benefits depends on your individual circumstances. Consider your retirement savings, health, desired lifestyle, and potential spousal or survivor benefits. The SSA offers a retirement benefits planner tool to help you estimate your benefit amount at different claiming ages https://www.ssa.gov/prepare/plan-retirement.
Curious Facts:
- Earning too much: Starting Social Security prior to FRA while still working can result in reduced or no benefits if your income exceeds the retirement earning limit. After FRA, you can work as much as you like, and benefits are not withheld due to income.
- Social Security Numbers Weren’t Random: In the past, numbers were issued geographically. Were you born in Wisconsin before 2011? The first 3 digits in your Social Security number are probably between 387-399.
Get the Quick Reference:
By understanding your Social Security retirement options, including spousal and survivor benefits, you can make informed decisions to secure your financial future.
For personalized help with your financial plan, please contact Mark Ziety, CFP®, AIF® 608.442.3750.
Mark Ziety, CFP®, AIF®
WisMed Financial, Inc. part of the Wisconsin Medical Society

Mark Ziety, CFP®, AIF®
Executive Director of WisMed Financial
Certified Financial Planner™ Professional
Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.

Mark Ziety, CFP®, AIF®
Executive Director of WisMed Financial
Certified Financial Planner™ Professional
Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.
Note: This article is for informational purposes only and should not be considered as financial or tax advice. Please consult with a qualified financial advisor or tax professional before making any financial decisions. Full disclosures.