Josh Millang discusses how social security claiming impact retirement.
Listen to the interview on the Business Innovators Radio Network:
When deciding when to claim Social Security, it is crucial to understand the impact that this decision will have on retirement. Different claiming strategies, such as delaying or changing benefits, may affect the total lifetime Social Security benefit and other aspects of retirement income.
If someone is married, their spouse’s benefit is also impacted by them claiming Social Security. If one spouse dies before the other does, the survivor can receive the deceased’s benefit if it is higher than their own. Therefore, deciding when to claim Social Security could help protect their family in case of death or disability. Also, it’s essential to consider that life expectancy affects social security claiming decisions. Individuals who live longer (or those with a family history of longevity) might want to wait until later to claim Social Security to maximize their benefits.
Josh shared: “When people make the decision to take Social Security, it is important they understand how their retirement income will be impacted by claiming at different ages. They should also research and consider any additional benefits that may become available as a result of taking their social security earlier or later than planned. Taking the time to calculate potential outcomes when deciding when to claim Social Security can help ensure that they get the most out of their retirement income plan.”
If someone has questions about how Social Security claiming impacts their retirement, it is best to speak with a financial advisor. A financial advisor can provide advice tailored to their specific situation and help them decide when to claim Social Security.
Understanding how Social Security – claiming impacts retirement is essential in creating a successful retirement income plan. Researching and discussing options with a financial advisor can help people make informed decisions about when to claim Social Security and maximize their benefits. Doing so could lead to a more secure retirement for them and their family.
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