When should you take it?
This is one of the biggest decisions you will make that affects your retirement. Most Financial Advisors would tell you to wait until age 70 so you maximize the payment. That is just too simple a response to what is a more complex question.
One broad brush answer does not address each retiree’s more specific circumstances. The factors to consider include your health/longevity, other assets, other income sources, and your tax position just to name a few.
Prior to making a decision an analysis should be run to compare receiving your benefits at full retirement age vs. age 70. Full retirement age is no longer age 65 for everyone but instead is being increased over time. For example, if you were born in 1957, your full retirement age is 66 and 6 months.
In many of the comparisons to age 70, it will take the age 70 benefit until your early to mid 80’s before it catches up to your full retirement age benefit.
If you are trying to make this all-important decision, give us a call to help you with the age comparison.
Click here for additional information to be considered when thinking about your social security decision.