Understanding Social Security

One of the most often asked questions from clients nearing retirement is, “When should I file for Social Security retirement benefit?” Many people hold the belief that Social Security retirement benefits are going to run out, and therefore they should file for benefits as early as possible—age 62. However, claiming at age 62 can have a significant negative impact on your retirement plan over your lifetime, and is usually not the best course of action. For most of our clients who have accumulated other retirement assets in accounts like 401(k) plans, Traditional IRA’s, Roth IRA’s, and investment portfolios, waiting until “Full Retirement Age” of 67 is the earliest they should take benefits. More often than not, as we assess the complete retirement picture, taking advantage of Delayed Retirement Credits by waiting until age 70 to receive benefits is the best option for our clients.

Check out the article on Social Security strategies by following the link below. It provides a good overview of Social Security retirement benefits and ideas for claiming strategies. In addition, our team has specialized planning tools to provide a customized analysis for your retirement strategy and what Social Security claiming strategy may be best for you. Please reach out to us to learn more.

A Social Security Guide: What It Is, How It's Calculated, and When to Claim It