When Should I Take Social Security?

Understanding when to take your Social Security benefit is one of the most sought after answers in maximizing your retirement income.  The majority of Social Security benefit recipients are better off by waiting to take their Social Security income until they reach their Full Retirement Age (FRA).  However, it is critical to analyze all factors before making any decisions in order to avoid making a decision that cannot be changed.

If you take your Social Security benefit before your full retirement age you will permanently reduce your benefit, and if married, permanently reduce your spousal benefit.  While this is one of the hardest questions to answer we use a five-step process to help you with your decision.  We will help you understand the Social Security rules and how to answer the following questions.

1)  Can you afford to delay benefits?
2)  What is your life expectancy?
3)  How will taxes impact your Social Security?
4)  How can I maximize my benefit and my spousal benefit?
5)  What impact will my decisions have on my retirement income today?