Tim Dern discusses the most important things to consider when choosing when to start claiming Social Security.
Listen to the interview on the Business Innovators Radio Network:
When it comes to deciding when to claim Social Security benefits, several important factors should be considered. Age is a significant factor in the decision-making process, as it can affect how much people are eligible to receive, when, and for how long. The income before retirement will also impact benefits; higher earners will receive more monthly payments than lower earners. Having enough savings or other sources of retirement income can significantly influence when someone decides to claim their benefits – if they have sufficient funds, it may make sense to delay claiming Social Security until later in life.
People’s current health status and life expectancy are also important factors in determining whether they should start receiving Social Security benefits sooner rather than later. Suppose they have a medical condition that will limit their life expectancy. In that case, they may benefit from claiming Social Security earlier to ensure they receive payments for as long as possible.
Delaying Social Security benefits can be beneficial in some cases, such as when people are healthy and have a longer life expectancy. Delayed benefits increase yearly until age 70, so waiting could result in larger monthly payouts. However, this is not always the best option – if people have financial constraints or other time-sensitive needs, claiming benefits early may be a better solution.
Ultimately, deciding when to claim Social Security comes down to individual circumstances and preferences. To help individuals make an informed decision on timing their retirement income, it’s important to understand the pros and cons of both early and delayed claims.
Tim said: “I help clients understand and plan for retirement with peace of mind and explain the new risk that retirees face and how to mitigate these risks. I also help create a plan that is simple and easy to follow”.
About Tim Dern
With decades of experience in the financial industry and as a 65 securities licensed professional, he brings a wealth of expertise to his clients. Unlike traditional broker-dealer models, his fee-based approach puts you first. He leads a private wealth team, offering top-notch asset management services with a focus on retirement strategies.
As an RICP (Retirement Income Certified Professional), he is uniquely skilled in creating customized plans that maximize your income during retirement. His impressive portfolio includes AUM, Fixed Index Annuities, IUL, Medicare Supplements, Advantage & Drug Plans, and more.
But what truly sets him apart is his dedication to education. As an NSSA (National Social Security Advisor), he offers educational seminars on social security, Medicare, proper asset allocation, Roth conversion, and tax-saving strategies. And for those unable to attend in person, he hosts online webinars nationally – using Facebook ads to reach a wider audience.
With his unparalleled knowledge and commitment to your financial success, he is ready to help you plan for a secure future. Contact us today to schedule a consultation and experience the difference for yourself.
Learn More: https://www.manafg.com/