The decision on when exactly to take Social Security benefits can be one of the biggest decisions you make in retirement. There are many possible choices on when to begin withdrawals, and each person will have a different time that is ideal for their situation. If there are other streams of income, delaying the payouts until later in life can increase the monthly payments. It may also be beneficial to draw earlier depending on the situation, to gain access to the money and benefits it brings.
- Depending on your retirement strategy, your ideal time to take social security will vary.
- The decision to take your Social Security is often one of the biggest retirement decisions, and should be made carefully.
- Withdrawing your Social Security too early or too late can result in extra taxes or penalties, and loss of income.
“A misstep could potentially cost you thousands of dollars over your lifetime.”