Social Security is the first leg of the Retirement Income Stool:
Most people believe they will receive Social Security upon retirement, but how much and when to start collecting that benefit is an unknown. In today’s podcast, Greg and Dan discuss the history of Social Security and how it was created to offset some living expenses after retirement. Most people can expect to receive anywhere from $10-34K depending on how much they paid into the system. The expected amount may be an easier calculation than deciding on WHEN to collect Social Security. Dan explains to Greg that the decision to postpone collecting Social Security after the age of 65 has some benefits. This decision can be made by yourself and your spouse using a free online Social Security Calculator, but one benefits greatly when hiring a Financial Advisor as the variables into this decision are many and quite complex. Don’t make this expensive error!
Have you considered when to collect your Social Security benefit?
What variables are present in your life that will affect your decision?
Did you know that once the decision when to collect Social Security is made, you are held to that decision as it cannot be changed?
Talk you your Financial Planner about when to start your Social Security benefit, because an erroneous decision can be costly.