Start now or later?

Taking Social Security income as soon you become eligible is perfectly acceptable if you need the income. Many folks ask “When should I really start my Social Security income?”  There are many ways to look at getting an answer. Some people say the break-even point should be considered. Others suggest looking at the lifetime benefit. Still others suggest a comprehensive view, considering available assets, taxes and all sources of income.  Although there is no wrong answer, we subscribe to the latter.

The biggest challenge is to look at Social Security as an insurance payment, not investment income.  Social Security payments are paid for a lifetime. They adjust for inflation. The benefits continue for a surviving spouse and they actually have a death benefit. This is insurance against living too long.

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