If you're wondering when to start tapping into Social Security, you're not alone. The answer depends on your unique goals, financial needs, and health status. Here are some key factors to consider:
📆 Waiting Can Pay Off: Waiting until full retirement age (usually between 66-67) increases your monthly benefit. If you wait until 70, you’ll see an even larger boost! But sometimes, starting early is a better fit if you need income sooner.
💸 Your Savings & Income: How much you have saved and your income sources are crucial. If you have enough to cover expenses, delaying Social Security might make sense to maximize your benefits.
🏥 Health & Family Longevity: If longevity runs in the family, waiting could mean more lifetime income. But if there are health concerns, taking benefits earlier may work best.
👥 Spousal Benefits: Married? Coordinating with your spouse can maximize benefits for both of you. It can be a balancing act, but getting it right can increase your overall household income.
🔍 Your Life Goals: Are you thinking about working part-time? Traveling? Supporting family? Your Social Security strategy can support those dreams.
Timing Social Security is a personal decision, and a financial advisor can help you find what’s best for your unique situation. 💡 Remember, the "right time" is about what works for you and your goals.
Disclosures: Thrivent .com/social
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