written by Conrad Slate

That is one of the most common questions we hear in our planning process.   

The following statements are common when considering the question above: 

• I looked at my statement and it’s only $XXX monthly difference if I start now.  Why wait longer for that small amount?
• The earlier I start the more money I’ll receive over my lifetime.  
• I may die before I reach age XX so I might as well start now. 
• I’d rather have it now just in case….

When planning on when to take Social Security benefits there are many considerations.  

• Do you need the income today?  
• What is your family history when it comes to life expectancy?  
• How is your health today?  
• Have you considered the expenses you’ll have in retirement that you don’t have today?  
• Have you factored in the increased likelihood of higher medical costs in retirement?  
• Have you considered inflation and the cost of living in retirement?