Ramp Up to Retirement
When Should You Claim Social Security?
Key Takeaways
- How claiming at 62, 67, or 70 can produce significantly different monthly Social Security payments
- Why cost-of-living increases compound differently when your starting Social Security benefit is higher
- When health, longevity, income needs, and other retirement resources may influence your claiming age
- How delaying Social Security may create additional time for Roth conversions and lower taxable income
- Why couples should consider survivor income before either spouse begins receiving Social Security
Show Notes
When should you claim Social Security, at 62, full retirement age, or 70?
The answer can affect more than your first monthly payment, including your future income, taxes, portfolio withdrawals, and the benefit available to a surviving spouse.
In this episode, Dan Reese, CFP®, explains how Social Security benefits differ when claimed at age 62, full retirement age, or age 70. He examines break-even calculations, annual cost-of-living adjustments, life expectancy, earnings limits, and household claiming decisions. Dan also explains how delaying benefits may create room for Roth conversions, change portfolio withdrawals, and support a surviving spouse.
Resources
Carson Wealth Retirement Readiness Quiz
About the Podcast
You’re nearing your Ramp Up to Retirement, where work will be optional. How do you make the best decisions to set yourself up for success? Tune in to hear from Dan Reese CFP®, Founder, Senior Wealth Advisor at Avery Wealth about the decisions and subtle changes you can make to ensure your retirement is successful!
As you approach life’s next chapter, we’re here to guide you through the intricacies of financial planning. We’ll help you stay focused on what truly matters as you navigate your retirement journey, overcome financial challenges, and leave a lasting legacy.