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When to Take Social Security?



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As you reach retirement age, you are faced with a crucial, once-in-a-lifetime decision.  Do you file for social security at the earliest possible time or do you wait, in order to receive higher payments in the future?  The decision is not simple and it can be difficult to find guidance.  We recommend a recent BloombergBusiness article, titled:  “Don’t Fall Into the Social Security Trap” which discusses the issues involved in more detail.

As the article describes, you can begin taking reduced benefits at age 62, but for a single person, waiting until age 70 can result in 76% higher benefits! This is a huge difference, and can have a significant impact on your retirement plans.  For many, it makes sense to wait until they turn 70, but individual circumstances should be carefully considered.  Health and family history may play a role in your decision, and cash flow needs are also an important consideration.  If your health is poor, or if most of your retirement cash flow comes from social security, it might be a better choice to begin your benefits as quickly as possible.

The object of this post is to counsel folks to take this important decision seriously.  We spend a great deal of time preparing our recommendations for our clients.  We carefully consider each client’s options and their unique circumstances in order to make the most sensible choice.  If you or someone you love is considering their options for receiving social security benefits, we would be happy to visit and help you weigh your choices.



Horizon Wealth Advisors
Horizon Wealth Advisors is a Houston-based, privately owned, fee-only financial advisor established in 1999. Our mission is to develop long-term relationships with thoughtful, successful individuals, families, and organizations by supporting and assisting them in achieving their financial goals.

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