Get advice on the benefits of postponing until your full retirement age.
Social Security is an asset that is taken for granted by many folks. If you are tempted to take Social Security early,
when first eligible at age 62, think again: your check will be lower if you don’t wait until what’s called full retirement
age. Further, married couples benefit additionally from Social Security planning strategies that can provide
The Social Security Administration is not allowed to advise on strategies to maximize your benefits, so don’t expect
to learn about this from the government. But your financial advisor can tell you how long you should work and what
you should do in retirement to avoid outliving your assets.
Before You Make a Decision
As with everything in life, there are advantages and corresponding disadvantages to every decision and that is true
when you are deciding whether or not to take your social security benefits before your full retirement age. On the
one hand, if you do take your benefits before your full retirement age, then you can collect benefits for a longer
period of time. How much longer? Well, that answer is unknown, unless you for sure know your life expectancy.
The disadvantage to taking your retirement benefits before your full retirement age is that your benefits will be
reduced. Reduced by how much? Take a look at the chart on the next page to find out.
The decision on when to take your social security benefits is a personal one – there is no “perfect age” for everyone.
But remember that when you decide to take your social security benefits, the amount you receive when you first get
benefits will set a baseline for the amount you will receive for the rest of your life.
So you need to ask yourself at least these three questions:
• Do I plan to continue working?
• How is my health?
• Are there other family members qualifying for benefits based on my decision?
Your Financial Advisor & You
Again, the Social Security Administration is not allowed to advise on strategies to maximize your benefits, but your
financial advisor is. Your financial advisor can run different retirement scenarios based on different variables such
as: where you are today, how long you might work, projected rates of returns, and future living expenses, while also
factoring in rising health care costs, among other things.
Ultimately, the decision is, of course, yours. But your financial advisor can help you make the most informed
decision based on your personal goals and objectives.