Are you navigating the Social Security jungle and wondering when to take your benefits? In this episode of the Retire With Purpose Podcast, we explore two methods that can be leveraged to determine how to maximize the money that ends up in your pocket.

Join us as we discuss:
* Why some elements of Social Security are commonly overlooked
* Where Social Security calculators and software fall short
* How to calculate your minimum and maximum benefit
* Factors that impact your Social Security claiming strategy
* Breakeven analysis vs. present-value calculations
* Why the concept of utility should be implemented into your decision

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ABOUT YOUR HOST CASEY WEADE:

Casey Weade is the CEO and Founder of Howard Bailey Financial. He graduated from Stetson University with a Bachelor’s degree in Finance, and is a CERTIFIED FINANCIAL PLANNER™ (CFP®), Retirement Income Certified Professional® (RICP®), Chartered Life Underwriter® (CLU®), as well as a certified Chartered Financial Consultant® (ChFC®). In addition, Casey is an Investment Advisor Representative (IAR), is licensed in life, accident, and health insurance; and, is also Long-Term Care Certified. When he isn’t helping others find financial freedom, Casey enjoys spending time with his wife and three children, as well as hunting, fishing and golfing.

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Should You Delay Taking Social Security Benefits?

As you near retirement age, one of the decisions you’ll face is whether to start collecting Social Security benefits or delay them. While many people are eager to access this source of income as soon as possible, there are several factors to consider before making a final decision. Assessing your financial situation and understanding the potential advantages and disadvantages of delaying Social Security benefits can help you make an informed choice.

Firstly, it’s crucial to understand how Social Security benefits work. The age at which you become eligible to collect full benefits varies depending on your birth year. However, you can start collecting benefits as early as age 62, albeit at a reduced rate. Conversely, if you delay taking benefits until after your full retirement age, you can receive an increased monthly payout.

One of the most significant advantages of delaying Social Security benefits is the potential for higher monthly payments. Each year you delay past your full retirement age, your benefits increase by a certain percentage, typically 8%. For example, someone with a full retirement age of 66 who waits until they turn 70 could receive up to 32% more per month than they would if they started collecting at 66. These higher payments can be immensely beneficial for individuals who expect to live longer or have longevity in their family history.

Another compelling reason to delay Social Security benefits is the impact on your spouse or dependents. If you’re married and the higher-earning spouse delays their benefits, it can result in increased survivor’s benefits for a spouse in the event of their partner’s death. By maximizing your primary benefit amount, you also maximize the potential survivor benefit, thereby providing more financial security for your loved ones.

Furthermore, waiting to collect Social Security benefits can act as a form of insurance against unexpected financial challenges. By continuing to work or utilizing savings accounts during the delay period, you not only increase your monthly payment but also preserve your savings for potential emergencies. Delaying benefits is especially advantageous if you haven’t saved enough for retirement or if you plan to retire early and rely primarily on Social Security income.

However, delaying Social Security benefits does come with a few drawbacks. The primary disadvantage is that you won’t have access to the funds during the delay period. If you need the income to cover essential expenses, relying solely on other sources such as savings or pensions may deplete your resources faster. Additionally, if you wait too long to start collecting Social Security, you risk missing out on years of potential payments, as life expectancy is uncertain.

Ultimately, the decision of whether to delay taking Social Security benefits should depend on your unique circumstances. It’s important to evaluate factors such as your financial situation, health, and expected longevity. Consulting with a financial advisor or utilizing Social Security calculators can be helpful in understanding the potential impact of delaying benefits on your retirement income.

In conclusion, while the desire to access Social Security benefits as soon as possible is understandable, delaying can lead to higher payments and increased financial security. Carefully weighing the pros and cons, considering your individual situation, and seeking professional advice will assist you in making an informed decision. Remember, taking your time to evaluate all options will ensure you maximize the benefits available to you and enjoy a financially stable retirement.