Social Security benefits can be a valuable source of income when you reach retirement but deciding when to file can be difficult to determine. Should you start receiving your check at age 62 or hold out for a larger sum at age 70? We consider all of these factors and explain what you need to know on this episode.
Read more on this topic and see the show notes here.
Click the link to receive your Retirement Rescue Toolkit: https://matsonandcuprill.leadpages.co/free-tax-toolkit/
Here's a full rundown for this episode:
1:53 – Introducing today’s topic: Social Security and what you need to know
3:00 – The questions everyone asks, ‘When should you file?’ Here’s what you should consider.
4:36 – The system rewards you for waiting, but at what age is your break even point?
5:53 – Every situation is different but you need to figure out your sources for income.
7:18 – Why it’s important to get a Social Security timing analysis.
8:24 – Another factor to consider if you plan on relying heavily on savings.
9:08 – Quick of review of when you should file and things you should be considering.