For decades, financial advisers have used the metaphor of a “three-legged stool” to describe America’s retirement system: that the equation for late-life security is having a healthy pension from work, ample personal savings and a monthly Social Security payment.
The ages between 62 and 70 are a critical time for determining how and when to take Social Security benefits. There are many options when it comes to this program, and which option is best for you will depend on your specific situation.
You’ve worked hard, met with your financial advisor, determined when to take Social Security and you are set to retire … now what? Many retirees get to this point and are not sure what the next steps are when applying for Social Security. Thankfully, you have three options!
Social Security is a critically important part of your overall financial and retirement plan that will be around for generations to come. The decision to claim or delay benefits should be carefully considered.