With benefits increasing 8% for every year they are deferred between age 62 and 70, determining when to take Social Security benefits is one of the most consequential decisions a soon-to-be retiree must make.
Arguably the biggest factor in this decision is your expected mortality. In general, healthy individuals with a family history of longevity often elect to start taking SS benefits later while for those with more significant health issues, it may be advisable to take the benefits early. However, other factors such as projected inflation, equity and fixed income market returns, a family’s yearly income sources must also be taken into consideration.
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With he help of state of the art planning software, TCM financial planning professionals can simplify all of the relevant factors around this decision, making for more informed choices.
Click the image on the right to view a sample of an actual client scenario that outlines the differences between taking SS at various ages. To explore similar analysis for yourself, schedule a planning consultation today.