How do you feel about Social Security? Is it going to be there when you’re ready to retire or will it be gone? The reality is yes, it will be there. The next question is when should you take your Social Security? You can begin at age 62. This is the option many people take. Every year you wait after age 62 will increase your Social Security payment. Of course there are many factors to consider when making your decision, such as health, wealth and family situations.
The joy of Social Security – and the most exciting part – is that it’s guaranteed money in your bank every single month! Who doesn’t love a guarantee? It is guaranteed lifetime income because Social Security is an annuity. It’s also a comfort to have extra monthly income.
Times have evolved. We live longer and work longer so the ultimate goal with Social Security is secondary income; not primary. Understandably, it can be difficult for some, but it is achievable for many.
Deciding when to take Social Security is an extremely personal decision. It’s difficult for advisors to predict and it really needs to be your decision. Take into consideration whether you still plan to work part-time, your health, and if will you have other money coming in. Also, if you are younger than your spouse, it may be best for your spouse to take Social Security and let yours maximize.
If you’re able to utilize other sources of income that you set up, like 401K, IRAs or annuities, then you could consider postponing taking Social Security so your money can continue growing. Check in with the Social Security website at www.ssa.gov periodically to stay updated on the most current information. Maximizing your money is ultimately up to you! Stay informed.