This is a major question facing Americans who are approaching age 62. Should you apply for benefits as early as possible and get as much as you can? Or should you delay benefits until age 66 or even to 70 in order to receive a higher benefit?
The answers to these questions depend on your personal situations and your plans. If you aren’t working and have few resources, you may need to take Social Security benefits as early as possible. If you are still working in a job you enjoy, it most likely doesn’t make good sense to apply for benefits because some or parts of your benefits may be withheld.
The when-to-apply question needs to be addressed in light of your overall financial plan. What assets do you have that will generate income to you for your lifetime and that of a spouse? Which strategy will yield the higher income later when you most need it? What if I am divorced or widowed?
These questions can be vexing and the options can be confusing. The planners at CCMI can help you coordinate Social Security with the rest of your retirement income plan so your cash flow later in life meets your needs.
CCMI provides personalized fee-only financial planning and investment management services to business owners, professionals, individuals and families in San Diego and throughout the country. CCMI has a team of CERTIFIED FINANCIAL PLANNERTM professionals who act as fiduciaries, which means our clients’ interests always come first.
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