When it comes to living a comfortable retirement, one of the biggest decisions you must make is when to claim Social Security. Current retirees report depending the most on Social Security, with 55% calling it a major income source for them today and 89% saying it is either a major or minor source, according to a national Gallup survey.
Having helped many people make this decision, we know there is not a simple, one-size-fits-all answer. Should you start receiving your Social Security benefit as soon as you’re eligible, at age 62? Or, should you try to maximize your benefit by delaying until age 70? Or, is it better to claim somewhere in between?
The right answer – your answer – depends on many personal factors, such as your retirement goals, assets and income, marital status, and health. That means claiming Social Security is something you need to plan for ahead of time, weighing each personal factor carefully.
If you have yet to start receiving your benefit, watch this video. In under 5 minutes, CERTIFIED FINANCIAL PLANNER™ and National Social Security Adviser Sean McDonnell helps you understand the most important considerations for when to claim Social Security: