When Should I Start My Social Security Benefits #3

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About the author: Chris Abts is the President & founder of Cornerstone based in Reno, NV. He helps people to better manage their wealth so they can focus more of their time on what truly brings meaning and fulfillment to their life. Abts is also a best-selling author and TV show host of Redefining Retirement, which airs every Sunday evening at 5:30pm on KTVN Channel 2.

When Should I Start My

Social Security Benefits #3

For our final point in Social Security Basics, let’s discuss legacy goals and considerations, which are some factors that should also be considered when deciding to take your Social Security benefits.  In other words, whether or not you want to leave an inheritance, and how much of that inheritance will go to the IRS may also impact which is the best method to take your Social Security benefits.

Bottom line, after helping many people determine how best to take their benefits, I have found there are many situations where it clearly makes sense to take benefits early as well as to defer them to a later age.  If you do not have much in the way of savings and investments, then deferring your benefits as long as possible tends to be the best approach.  However, if you do have sufficient savings and investments, then I encourage you to consider the above-mentioned factors to determine if it is best for you to take your Social Security benefits early, take them at your FRA or defer them to age 70.

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And as I always say, the first step is to learn the questions to ask and problems to solve before you move forward and make those important financial decisions.  So, before you make the important decision on when it is best for you to take your Social Security benefits, make sure you understand all the rules and the various claiming strategies available to you, determine your desired retirement date as well as the amount of after-tax income you want, review your various income sources, review your tax situation today as well as what it will look like in the future, and your legacy goals.  Only then, can you make a well-informed decision on how best to take your Social Security benefits.

Ultimately, it is most beneficial to you to find the right advisor that can work with you to find the right plan that fits your goals. Our team at Cornerstone does not believe in a “one size fits all” approach as we know each situation is different. Instead, the Cornerstone Way aims to help our clients find the right course of action and to determine when is the right time for you to take your Social Security benefits. Our goal is for you to achieve financial freedom.

Based in Reno, NV, Cornerstone is for individuals and families looking to grow wealth, protect and preserve their life savings, and plan for the distribution of their estate in a tax-efficient manner through a tailored strategy. Schedule a time to discuss your financial goals with us.

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