Not sure when to start social security?
The truth is, there are a lot of options for how and when to take Social Security benefits, and navigating among them can be complicated. But making the effort to do so may pay off significantly for many people and/or their dependents. Social Security decisions that might seem relatively inconsequential at the time may be worth thousands of dollars over time. Social Security can be a valuable source of retirement income— especially when it’s used to the best advantage for each person’s own situation.
Taking time to think through your own situation and outlook for the future gives you the opportunity to avoid making Social Security claiming mistakes that result in less income over time than other choices would have generated.
Why is your Social Security claiming decision so important?
Social Security replaces 40%, on average, of recipients’ preretirement income.
- There isn’t just one way to claim your Social Security benefit—there are dozens. Picking the best one for your situation may make a huge difference financially.
- Social Security replaces 40%, on average, of recipients’ preretirement income.1 This percentage can vary significantly depending on individual situations and claiming decisions made.
- You’ve been paying into Social Security your entire working life. You owe it to yourself to make the best use of this benefit.
We’ve identified three of the most important questions people often neglect to think through when making their Social Security benefit elections—and mention points to consider to help you make the best Social Security decisions for your household.