Lou and Betty are approaching retirement, and know that deciding when to take Social Security benefits is an important decision – particularly when such a significant portion of the average retiree’s income comes from Social Security. More than two-thirds of eligible Americans take their benefits early – after they reach 62, but before they reach full retirement age – often because they simply don’t have a choice: they need the money.

We would work with Lou and Betty to assess their financial situation, including their other sources of income and how much they spend each month, then determine how much they would need and when. The timing of taking Social Security benefits can also have a great impact on how much the surviving spouse will receive. We would then present the many options available to them and help them arrive at the most suitable strategy.

This investment profile is hypothetical and not indicative of any specific situations or clients. It is presented only as an example and not intended as investment advice. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.