Before deciding when to begin taking Social Security, consider these factors: Other sources of income. Work with your retirement plan consultant to evaluate the tradeoffs involved in taking your Social Security benefits earlier (and letting other assets grow untouched for a longer period) vs. dipping into retirement assets immediately and deferring your Social Security benefits. Your taxable income. Tax-related factors could also affect your decision. … Continue reading When should I take Social Security benefits?
“35% of Americans over 65 rely completely on Social Security.” – U.S. Census Bureau (July 2014) Approximately 96 percent of American workers are covered by Social Security, and many more, including non-working spouses, are eligible for payments. In addition, around 40 percent of the average retiree’s income in the United States comes from Social Security. Thus, for most individuals, deciding when to take Social Security … Continue reading Timing is Everything