For a long time, Americans have tended to dismiss Social Security as too little to matter, or likely to “not be there when they retire.” Those objections tend to go away as retirement approaches.
As Boomers approach retirement, they are often surprised at the value of Social Security. Even better, regardless of the amount you have saved prior to retirement, your choice of when to take Social Security income can increase the longevity of your savings and investments…perhaps significantly.
Think about that for a moment: getting this decision right can mean a safer, longer and higher retirement income for you and your spouse. It can result in more income and—this may seem surprising—less taxes.
The choice you make about when to begin your benefits is not simple, it’s complex. It isn’t the type of decision to make without a guide. So, for all the “do it yourselfers” who just begin taking at 62 because it’s available, or because they believe it will go away, there may be a real cost to acting without expertise.
At Goostree Financial Group, we can help with this question and many others. We have been helping our clients for over five decades.