Several factors determine when you should take Social Security.
You are nearing Social Security eligibility.
What should you do?
When should you claim your benefits?
According to The Beachcomber News of Brigantine article titled “When to claim Social Security,” your course of action should be weighed against several factors.
What are they?
If you are in good health and expect to live longer, you should seriously consider delaying your claim to benefits.
The benefit amount per payment increases if you wait.
If you are not expected to live long, it is better to claim the benefits while you are alive to do so.
Your retirement savings.
Have you saved enough to sustain yourself while you delay benefits?
If yes, then this may be wise.
Your monthly benefit will grow by eight (8) percent each year you wait to collect.
If you have time, save now so you can afford to take advantage of this growth.
The benefits of your spouse.
[I know that subheading can be interpreted several ways, but stay with me.]
How much will your spouse expect from his or her benefits?
You can also include your ex-spouse in this consideration if you have not remarried.
This should influence your decision.
Your current and future lifestyles.
Talk with your spouse about your plans for retirement early on and later on.
If you plan to stay active and have a costly lifestyle, it would be good to have the extra monthly amount by waiting until age 70.
Again, this means you need to be able to afford your lifestyle now with the money you have in savings.
The future needs of your spouse.
If you die first, your spouse will receive the benefit from the higher income earner.
Waiting will allow your spouse to have a higher benefit when you die, if you were the main bread winner.
If you need have questions, work with an experienced estate planning attorney and financial advisor.
They will be able to provide guidance on your specific circumstances.
Reference: The Beachcomber News of Brigantine (May 29, 2019) “When to claim Social Security.”