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When should I take Social Security?

The decision of how and when to take Social Security is a much bigger decision than most people realize.

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A woman contemplating when she should take her Social Security benefits.

The decision of how and when to take Social Security is a much bigger decision than most people realize. Since Social Security is a large component of your retirement income, deciding how to file is one of the most impactful retirement income decisions you’ll make.

And your decision can either add or take away up to $100,000 of benefits. 

Often, people begin with a breakeven analysis, looking at life expectancy and claiming age hoping to get the most of their benefits. Family health and longevity should be considered, however it doesn’t account for the tax benefits and the potential opportunity created by delaying Social Security.  

By waiting to claim Social Security until later, it gives you the opportunity to take advantage of some key tax strategies that can ultimately save you hundreds of thousands of dollars throughout your retirement. By delaying Social Security and using Roth conversions and other tactics you can reduce the taxes you’ll experience later in life.

Watch our video on how to reduce taxes in retirement for more information on these strategies.

It’s important to not look at Social Security as an isolated decision, as it affects each aspect of your retirement’s financial picture. We strongly believe that the decision of when to claim Social Security should not be boiled down to an early or late decision. 

So then how do I find the best filing strategy specifically for me? 

The best way to uncover your strategy is to perform a detailed analysis of your entire financial picture. Your plan to withdraw the assets you’ve accumulated directly impacts your social security benefits, and there are opportunities to gain benefits, save money on taxes, and protect the longevity of the wealth for your family.

Start a conversation with one of our advisors today and learn the best strategy for you.

If you'd like us to help with your Social Security claiming, check out the Social Security Benefit Kit.

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