Podcast Episode 319: What Age Should I Start Social Security?
Do you think there is a universal age to start Social Security? Have you ever wondered how your health history, longevity, and family history play into your decision on when to turn on your benefits? Let’s delve into this critical question in retirement and help you understand how we help our clients determine what age they should claim Social Security.
This is a hot-button issue for a lot of people because of the uncertainty surrounding its future and the important role it plays in retirement income. Many people approach it almost as a game because they want to get as much out of the system as they can, which is understandable because you’ve been paying into it your entire working career.
The truth is there’s no magic age like 67 years and 2 months because there are a lot of nuances to this. It really is a personal decision for each person and family, and it has to be a part of a larger planning discussion.
Social Security will be the primary source of income for most people, but we want to get the full picture on what your income needs will be and what other sources you have. That will help us determine when you need to turn on your Social Security benefits.
For some people, claiming as soon as possible makes the most sense while others will want to wait until the age of 70 to get the maximum amount. We’ll share a few case studies to provide a better idea of who would benefit from these different approaches, and also talk about why you might delay your benefits even after you’ve retired.
Again, there’s not one answer to this question that will work for everyone, but you’re a financial advisor can help you figure out the best strategy for you. One way to start that conversation with our team is through our complimentary Money Map review, which you can take advantage of now.
Here’s what you can expect to learn in this episode:
• How we address this topic when the question comes up.
• Longevity is the key factor but can you rely on your family health history to project that?
• How this discussion fits into the overall planning process for retirement.
• Hear an example where it made sense to turn on Social Security at age 62 and another where 70 was the best age.
• When does it make sense to delay Social Security even after you’ve retired?
• The opportunity for a Roth conversion in your mid to late 60s.