When Is the Right Time to Take Social Security?



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As you reach retirement age, you are faced with a crucial, once-in-a-lifetime decision.  After years of hard work, 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 this article published by The Motley Fool, titled:  “Should You Take Social Security at 62, 66, or 70?” which discusses the issues involved in detail.

social security

Although you can begin taking reduced benefits as early as the age 62, a single person who waits eight more years, until age 70, can see 76% higher benefits! This is a significant difference, and can have a meaningful impact on your retirement plans.  For many, it makes sense to wait until they turn 70, but individual, personal 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 may be a better choice to begin your benefits as quickly as possible.

This important decision should be taken seriously.  We spend a great deal of time preparing recommendations for our clients and carefully consider each client’s options and their unique circumstances in order to make the most sensible choices.  If you, or someone you love, are considering when to start receiving social security benefits, please get in touch with us; we are always pleased to visit, help evaluate options, and provide guidance.

Horizon Wealth Advisors is a Houston based fee-only wealth management firm. Horizon is a fiduciary advisor. We specialize in helping successful individuals and families understand, organize, and manage their often complex financial situations. Horizon offers integrated financial planning and investment management services.

Larry Maddox, CFP®, CPA
Larry founded Horizon Advisors, LLC in Houston, Texas in 1999 with fellow business partner Joe Thomson. He collaborates with our wealth management team and other external advisors to provide comprehensive wealth management services.

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