General Social Security Rules
Popular wisdom suggests jumping at the opportunity to collect Social Security retirement benefits as soon as possible, which currently is age 62. About 73% of Social Security beneficiaries collect at 62. While this strategy may have been prudent for millions of Americans in the past, longer life expectancies have changed the face of retirement planning. Waiting to collect Social Security benefits may well be a more advantageous option. While there is no one-size-fits-all approach, this much is universally clear:
Life expectancy is exploding, particularly for our clientele.
Warning – Social Security has its own language.
DECIDING WHEN TO BEGIN TAKING SOCIAL SECURITY BENEFITS IS AN IMPORTANT AND MULTIFACETED CONSIDERATION that should be factored into each individual’s broader retirement plan. In order for us to help you decide how and when to take your Social Security, we must go over some basic Social Security concepts. In the following memo, we review key details to consider in your Social Security decision-making. Your Social Security strategy must be integrated with your investment plan and your overall retirement plan.