💰Delaying Social Security benefits can cost you upwards of $100,000.
👵Understanding your life expectancy and family history is crucial in making the right decision.
📊Evaluate your overall financial situation before deciding when to start collecting benefits.
🔍Consider how your Social Security decision will impact your taxes and other investments.
🔄Be flexible and open to adjusting your retirement plan based on changing circumstances.
What is the break-even point for delaying Social Security benefits?
—The break-even point is typically around age 80 or 81.
Is it worth delaying benefits if I have a shorter life expectancy?
—If you expect to have a shorter life expectancy, it may be better to start collecting benefits earlier.
Will delaying benefits increase my monthly payouts?
—Yes, delaying benefits can result in higher monthly payouts.
How can I determine the best age to start collecting benefits?
—Consult with a financial advisor and consider factors such as life expectancy, financial needs, and tax implications.
Can I change my Social Security filing strategy after I've started collecting benefits?
—In some cases, you may be able to reverse your decision within a certain time frame. Consult with the Social Security Administration for more information.
00:00Delaying social security benefits until age 70 may not be the best decision.
06:32A real client example demonstrates the potential financial impact of delaying benefits.
10:12Consider factors such as life expectancy, financial needs, and taxes when deciding when to start collecting benefits.
14:08Evaluate your overall financial situation before making a decision about Social Security.
19:25Be open to adjusting your retirement plan based on changing circumstances.
21:20Common questions about Social Security benefits are answered.
25:40Consult with a financial advisor to determine the best Social Security filing strategy for your individual situation.
30:10Be aware of the options for reversing or changing your Social Security filing strategy.
