How Will Social Security Benefits Impact Your Retirement?

Social Security benefits are an important form of fixed but recurring income for most retirees. There are many important details that you should consider in terms of incorporating these as part of your retirement plan and in conjunction with your estate planning strategy. Individuals in the United States can currently start receiving Social Security benefits at 62 years old.

However, the longer you can delay your retirement benefits will significantly increase your benefits. Waiting until the full retirement age of 70 will put you in the best position financially if you can survive until that point without those benefits. Each person’s situation is different so you need to be sure to consider the specifics of your situation and to discuss this with your financial professional. Selecting the benefits to work will help you make the right decisions and some of the most important factors to consider include your life expectancy, whether or not you have health insurance through an employer sponsored plan and any employment status. 

For example, if you plan to continue working you might want to delay benefits since you’ll have another source of income. However, it’s also important to note that many people end up retiring earlier than they expected so you’ll want to have a backup plan of what to do in the event that you need to make an exit from the workforce sooner rather than later. For more questions about how to create a comprehensive estate plan that addresses all of your needs, schedule a time to speak with an experienced lawyer.