When you claim your benefits can permanently impact your retirement income.
You have paid into the Social Security system your entire working life. Now, as retirement approaches, you have to decide when to start collecting. It is not a simple choice.
You can claim benefits as early as age 62, but doing so permanently reduces your monthly payout. If you wait until your Full Retirement Age (typically 66 or 67), you receive your standard benefit. If you delay claiming until age 70, your benefit increases significantly for every year you wait.
Many people are tempted to claim early just to get the money they feel they are owed. Others want to wait until 70 to maximize the check. The right answer requires looking at the break even math. We help you evaluate how long you need to live for the delayed, larger checks to outweigh the smaller checks you would have received by claiming early.
We also look at how your Social Security decision impacts your spouse. Coordinating spousal benefits is a critical part of ensuring the surviving spouse has adequate income later in life.
Social Security is just one piece of the puzzle. The decision of when to claim should never be made in a vacuum. We help you evaluate your claiming options in the context of your overall portfolio and income strategy. By coordinating your benefits with your investment withdrawals, we aim to build a more efficient and reliable income stream for your retirement.