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Knowing When to Start Collecting Your Social Security Benefits

Posted by Larry Jones on Dec 13, 2018 9:30:00 AM

Is There An Optimal Age for Turning on Your Social Security Benefits?

Yes.

Is there a foolproof way to calculate it?

No.

There is no "one best age" for everyone. It's a personal decision. Let's say that you decide to delay taking your benefit until age 70, but you are thrown from a ride at Disney World and killed at age 69. You will have then forfeited 7 years worth of available benefits. On the other hand, suppose you turn on your benefit at age 62 and then live to be 90 years old, you will end up receiving many thousands of dollars less over your lifetime. Since you probably don't know how long you're going to live, how in the world do you decide?

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Topics: social security

Do You Know When to Start Collecting Your Social Security Benefits?

Posted by Larry Jones on Dec 5, 2017 9:30:00 AM

Is There An Optimal Age for Turning on Your Social Security Benefits?

Yes.

Is there a foolproof way to calculate it?

No.

There is no "one best age" for everyone. It's a personal decision. Let's say that you decide to delay taking your benefit until age 70, but you are thrown from a ride at Disney World and killed at age 69. You will have then forfeited 7 years worth of available benefits. On the other hand, suppose you turn on your benefit at age 62 and then live to be 90 years old, you will end up receiving many thousands of dollars less over your lifetime. Since you probably don't know how long you're going to live, how in the world do you decide?

Read More

Topics: social security

When to Start Collecting Your Social Security Benefits

Posted by Larry Jones on Dec 8, 2016 9:30:00 AM

Is There An Optimal Age for Turning on Your Social Security Benefits?

Yes.

Is there a foolproof way to calculate it?

No.

There is no "one best age" for everyone. It's a personal decision. Let's say that you decide to delay taking your benefit until age 70, but you are thrown from a ride at Disney World and killed at age 69. You will have then forfeited 7 years worth of available benefits. On the other hand, suppose you turn on your benefit at age 62 and then live to be 90 years old, you will end up receiving many thousands of dollars less over your lifetime. Since you probably don't know how long you're going to live, how in the world do you decide?

Read More

Topics: social security

What you don't know can hurt you!

As a fiduciary I am required to always act in your best interests, and as a professional planner, it's my job to be familiar with all types of possible solutions and financial vehicles. In short, I have no interest in selling any particular product or any affiliation with a particular company. I work for my clients.

Are you:

  • concerned that your tax bill is too high?
  • tired of watching your nest egg decline by significant amounts every 5-7 years?
  • wishing you could find more free time?
  • looking for ways to help protect yourself against litigation that could destroy all you have worked for?
  • worried that Uncle Sam is going to enjoy your retirement more than you are?

If any of the above describes you and you'd like to get a question answered then just click the button below and we'll be in touch.

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p.s. we have the ability to meet virtually regardless of your location! Give us a shout!

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