When Is The Best Time To Take Social Security?
Social Security benefits are an important part of retirement income for many people. And while you can get Social Security retirement benefits as early as age 62, it may benefit you more to wait until you are of the age to receive full Social Security benefits. Of course, there are other considerations such as Social Security disability benefits among many, many others.
So, when is the best time to take Social Security? The short answer is it depends. Every person is different and there are many factors to take into consideration before making the decision to receive your benefits. Here are three considerations to think about.
Everybody is unique.
Every person is in a different financial space so your timing will be unique to you. Simply mirroring what someone else does is not necessarily the right choice for you. You must look at a litany of factors to make the best decision possible for your financial space.
It may make sense to take Social Security earlier.
It seems counterintuitive but depending on your financial space, it may make sense for you to take Social Security earlier as opposed to later. A lot of planning items need to go into a decision like this, but it may make sense, even with a smaller benefit.
Social Security is often an irrevocable decision.
Keep in mind, Social Security is often an irrevocable decision. There are a couple of nuances that allow for differences in some specific situations. For the most part, once you make your decision, that’s it.
You want to have a healthy understanding of all your options. Reach out to an advisor or talk to the Social Security Administration to make sure you understand the ramifications and the options.
If you have questions about your financial goals or would like to talk with us further about our services, give us a call at (704) 987-1425 or visit us at www.northmainfinancial.com. If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.
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These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of SagePoint Financial.