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Social Security is a hot topic for paying into it and those receiving it. People often struggle with the complicated question – when is best to take Social Security? Independent retirement planner Thomas Reilly of Strategic Wealth Designers joined us on the newscast to discuss what could influence this decision.
“It is completely situational,” Reilly says. “It will depend on if you have a pension, what your retirement savings look like, if you’re married, if you have rental income, and many other factors. Because of this, we recommend getting an analysis done for your specific situation.”
Social Security benefits increase the longer you wait to take them. If you are contemplating when to take Social Security and you’re retiring early, it may make sense to take Social Security early. Individuals in their 60s and 70s are more active, so having increased income in your 80s may not be as beneficial.
“When Social Security began in 1935, 42 people were paying into it for every 1 person taking out,” Reilly says. “It’s closer to 3 to 1 now. People are also taking Social Security for longer periods of time. The eligibility may change down the road, either in retirement age or reducing benefits, but it likely won’t just disappear.”
Working with a financial advisor can help determine when the best age is for you to draw your Social Security benefits. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Thomas send an email to email@example.com.