When Should You Claim Social Security?
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Last week we asked, "Can you afford to retire?" This week we're taking the next logical step by tackling one of the biggest retirement decisions you'll ever make:
When should you start taking Social Security?
Should you claim benefits at age 62? Wait until your Full Retirement Age? Or delay until age 70?
The answer isn't as simple as picking the age that pays the biggest monthly check.
In this episode, George Mayfield and Autumn Bennett explain the factors that really matter, including your health, retirement income, spouse, taxes, longevity, and overall retirement goals. You'll discover why the "best" claiming age is different for everyone and why this decision should be part of a complete retirement plan—not made in isolation.
In this episode, you'll learn:
• The advantages and trade-offs of claiming at age 62, Full Retirement Age, and age 70 • Why Social Security is only one piece of your retirement paycheck • How working in retirement can affect your benefits • Why taxes deserve a place in your Social Security planning • How spousal and survivor benefits may influence your decision • George's practical approach to making this important retirement choice
Bonus Tip: George shares one simple habit that can help you make better financial decisions—not just with Social Security, but throughout retirement.
Question of the Week: If you're already retired, what influenced your decision about when to claim Social Security? If retirement is still ahead of you, what's your biggest question about claiming benefits?
If this episode helped you, please share it with someone who's approaching retirement. It could help them make one of the most important financial decisions of their lives.
And if you found value in today's conversation, be sure to follow The Infinite Income Podcast so you never miss a future episode.
Next week: How Much Cash Should You Keep in Retirement?