Are you wondering when to take Social Security benefits? Of course, you must be “old” enough to begin. For most people it is age 62. Widows sometimes can start at age 60. The Social Security Department previously encouraged people to start withdrawing from their accounts at earlier ages but, apparently, the word has gone out to employees not to do that. So now we see people looking at how much more they will get if they just wait. STOP and THINK. Does that really benefit you? There are a variety of situations and, of course, it makes sense for many people to wait until the last minute, i.e. age 70. BUT, let’s say you have savings and investments of your own. In order to not withdraw from social security, you will use those assets. WILL SOCIAL SECURITY GROW FASTER THAN YOUR OWN INVESTED ASSETS? Hardly likely if you have invested in the stock market. Secondly, what happens to the social security account if you do not use it? In many cases it disappears; and does not go to your family. It may go to a spouse in some limited way, but your own IRA and Investment Accounts have beneficiaries listed on them and the entire account can pass to people who are important to you. And do not forget, the rules can change, and you must abide by changed rules. Your own accounts allow you more freedom and control. Let’s not give that up!
When to take Social Security benefits is an important decision. For help identifying the best time to starting taking your benefits, speak with one of our financial advisors today.