Strategic Wealth Designers: Understanding Social Security benefits


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Last week it was announced that retirees would experience a 5.9% boost in Social Security benefits for 2022. This leads many to ask questions to better understand the complexities that surround Social Security benefits. Fiduciary retirement advisor Rob De Lessio of Strategic Wealth Designers joins us to help break down Social Security. 

“It is completely situational,” De Lessio says. “It will depend on what your income in retirement will look like. For instance, 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. But if you don’t need the income from Social Security, it may be in your best interest to wait until closer to your full retirement age.

“When Social Security began in 1935, 42 people were paying into it for every 1 person taking out,” De Lessio says. “It’s closer to 3 to 1 now. People are also taking Social Security for longer periods of time now. It isn’t likely that Social Security benefits will just disappear altogether. We may see the eligibility or benefits change down the road, either retirement age increasing or by reducing benefits.”  

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 and if you have a question for Rob send an email to

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