Personal Finance Retirement

Q&A: When should I take Social Security?

This is a difficult question to answer, as it requires an intimate knowledge of your goals, current financial situation, and marital status.

Without considering your personal goals and finances, to “maximize” your Social Security income, you would need to know these variables:
– your current age
– your future date of death
– your estimated Social Security benefit
– your spouse’s current age (if applicable)
– your spouse’s future date of death (if applicable)
– your spouse’s estimated Social Security benefit (if applicable)

Obviously, knowing exactly when you will die could be very difficult, if not impossible. However, I can share a rule of thumb: The longer you (and your spouse) will live, the longer you will want to wait to begin collecting (assuming you don’t need the money and can wait).

Like I said, there is a lot that goes into making this decision, and it is difficult (impossible, depending on timeline) to undo once it is made. I am here as a free resource. Schedule an appointment or reach out:
Email: blake.pokley@captainministry.org
Cell: 248-894-8758

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