When Should You Claim Your Social Security Benefits?

Social Security

When Should You Claim Your Social Security Benefits?

Posted by RDW Financial Group
4 years ago | February 22, 2017

For many Americans, Social Security will make up a significant portion of their retirement income. That’s why information and education are so critical as you make the decision on how and when to collect your benefits. In addition, once you begin to collect Social Security, it can be very difficult or even impossible to make any changes. Making the correct decision the first time is paramount.

Here are some things to consider…

Your life expectancy. Sometimes, a chronic illness forces people to retire earlier than they had planned. At this point, they might need their Social Security benefits, and they aren’t concerned with waiting until later. Of course, one thing to keep in mind is that one day the spouse’s survivor benefit could be reduced as well. It is important to discuss this situation with an experienced professional prior to making a determination.

Early or delayed retirement. Will you be retiring early? Will you be working past retirement age, even on a part time basis? Do you have income from a pension? These are just some of the questions you’ll want to ask yourself before you make any Social Security decisions. Weighing your Social Security income along with income from a retirement plan or pension is a key piece of this puzzle.

You just don’t need the money. If you are fortunate enough to find yourself in a situation where you don’t actually need the money from Social Security yet, even though you are eligible to collect it, it could be wise to postpone your benefits. However, it may also give you the ability to claim benefits and invest those funds. Again, this is a conversation to have with an experienced advisement professional.

There is no ultimate right or wrong answer to the question “When should I collect my Social Security?” Everyone has a different scenario and multiple factors to consider. In most cases, however, this is not a decision you want to make without being fully informed of your options. This is a service we provide to clients on a daily basis. If you are approaching retirement and have not yet begun to collect your Social Security benefits, give us a call. We can help you run the numbers for multiple scenarios, and assist you in making one of the most important retirement decisions.

 

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