One of the most important questions that we help people answer is, “When should I start my Social Security benefits?” Social Security has been around a long time, and most of us are familiar with the program.
It has become fashionable in recent years to malign the program. However, this is the only government-guaranteed, inflation-adjusted, lifetime income stream that almost everyone has access to. Therefore, how to use its benefits is a very important decision in retirement planning.
Not only does it provide an income for your lifetime, but if you’re married, there’s a survivor benefit that lasts for your spouse’s lifetime as well. That means, whatever decision you make will impact both you and your spouse for the rest of your lives. There are many different choices on how to take your benefits, and in particular, if you’ve been married, divorced, or widowed, the combinations are almost limitless.
While it’s hard to say there’s one strategy that fits all, it’s very important to make an informed and thought-out decision. We recommend speaking with a professional, whether that’s a financial advisor, financial planner, wealth manager, or a Social Security consultant. The person you trust to help you make the decision of, “When should I start my Social Security benefits?” should know you well and have your best interests at heart.
Below are a number of resources that can help you, as you research your options. Feel free to reach out to us, if you’d like to discuss any of these resources. It’s also important to integrate your Social Security strategy with your investment plan, and how you take your income from all these various sources needs to work together to get the best benefit for you and your spouse.
You’ve worked hard to earn your Social Security benefits, so you want to make sure that the decision you make gives you the best lifetime income and allows you to take advantage of a program that you’ve paid in for many years. Don’t hesitate to reach out, if we can help.