The Issues with Trying to Maximize Social Security
A lot of planning effort focuses on maximizing Social Security. One website claims there are 567 ways to claim you Social Security benefits. Maximizing Social Security generally requires delaying benefits until you are older. Each year you wait, the more you receive.
The eventual success of maximizing your Social Security hinges on these two things:
- First, will you live long enough for it to work?
- Secondly, how will delaying your benefits impact your retirement savings?
Living Long Enough…
John and Jane Doe
John and Jane Doe were born in 1960. Social Security estimates they will receive $2,000 per month at full retirement age (age 67). John and Jane are going to retire at age 65, and they want to determine if they should start their benefits now or wait until they are 67. In addition, they also wonder if they should wait until age 70 to claim their benefits.
65 vs 67
65 vs 70
This illustration represents a simplified and hypothetical example. Your situation will differ, and should be evaluated based on all factors involved.
The Impact on Your Retirement Savings
Is maximizing Social Security worth it?
Do You Have Any Questions?
We are happy to answer any questions you have about Social Security and Retirement Income. Simply type in your questions in the form to the right, and we will get back to you with an answer as soon as we can.