At what age you elect to begin taking your Social Security Benefits is a big decision – a decision that should not be taken lightly. In fact, it’s a wise exercise to model different scenarios to determine the best option for you and your family.
When making your election consider each of the following:
Am I planning to work and have earned income while I draw benefits?
If I am married, how does my election affect my spouse and their election?
If I am divorced, what are my benefits and how does it impact my former spouse’s benefits?
What age can I claim benefits?
Will my monthly check increase?
Concerns continue around the solvency of Social Security Benefits and how that will impact the American retiree. If possible, the best solution is to create additional income sources during your working years and take advantage of your employer-sponsored retirement plan. Minimize unnecessary spending and become a good steward of your earnings and savings. Stay abreast of changes to better understand how they might affect you, your family, and/or beneficiaries.
As a reminder register for your online account at www.SSA.gov to monitor your progress and projections.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
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