Financial Perspectives
Social Security: Worth the Wait?
You’ve heard it said before: Timing is everything. And that’s certainly true when it comes to starting your Social Security benefits.
More than 90% of working Americans are counting on Social Security to replace part of their current incomes when they retire. However, most of those already drawing benefits are receiving permanently reduced amounts due to timing decisions.
That’s why it’s a good idea for you and your financial advisor to consider the true impact of factors such as age, job status, taxes and marital status when deciding when you’ll begin receiving benefits. Together, you can develop a strategy to maximize your household Social Security benefits and enhance your overall retirement income plan.
Unless you absolutely need the money at age 62, it may be to your financial advantage to wait at least until full retirement age, according to Susan Hartman, Raymond James senior tax and estate consultant. If you have questions about how to best maximize your Social Security benefits, please contact your financial advisor.
Asset allocation does not guarantee a profit nor protect against loss.
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The information contained in this newsletter has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. We may, from time to time, have a position in the securities mentioned and may buy or sell such securities in the course of regular business.