Q. When is the best time to start my Social Security income?
A. You may think it best to start receiving Social Security benefits as soon as you reach full retirement age. However, many Americans underestimate their longevity, so it’s crucial to examine several other variables to increase your overall lifetime benefits.
If you do not immediately need the income to make ends meet, or are in poor health when it may not make sense to delay, the most obvious strategy is to wait to reach age 70 to receive Social Security income. Your monthly payments may increase by 32% or more.
There are other factors to consider. If you are a widow or widower, there are survivor benefit options to explore. Will taking benefits early allow your other investments to grow undisturbed? Will taking early benefits allow you to minimize taxes by reducing distributions from retirement accounts?
To learn what may be best for you, request a free consultation with me today.