On Monday I covered having a budget and an emergency fund. On Tuesday I discussed understanding your risk tolerance. Today let's consider when and how to take your Social Security benefits. By far this can be one of the biggest decisions you make.
If you take your benefits before your full retirement age you will get a reduced benefit. Full retirement age is 66 if you were born between 1943 and 1954 and moves up to 67 if you were born in 1960 or later.
If you wait to take your benefit up to age 70 you will get around 8% more each year, at 70 that’s the max.
For many retirees their Social Security benefit is a mainstay of their retirement plan. Knowing your options to get the most from your benefits is key. I have software that can give you those options and there's no cost or obligation to run those numbers for you.
Call 855-22money or go to the website yoursafemoneyshow.com.
No comments:
Post a Comment