Take it Now or Wait?

So when should you claim Social Security?

That’s a question that many of you have already faced and answered while many others will face that dilemma in the next 5 years. There is no shortage of advice on the internet or in magazines, but what is right for you? Well, it depends on a few factors:

  • Do you need the money (income) now?
  • What is your health like?
  • Where is your other money?
  • How is your other money invested?
  • Are you still working?
  • Do believe Social Security will run out of money?

These are some, not ALL of the factors that go into the best age to claim Social Security. HERE is an article on why you shouldn’t wait to claim your benefits.

If you search long enough you will find an article on why you should wait till 70. The bottom line is that your situation is YOURS, so what’s best for you will be what’s best for you. What’s best for the next person may be what’s best for them. Take some time and talk to your advisor and see what the advantages and disadvantages are with claiming early and then make a plan that works for you!