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Whenever possible, people should try to maximize their Social Security benefit, even if it means delaying retirement. It is challenging to plan savings to generate sufficient income in retirement, and easy to underestimate expenses, inflation, and the cost of future health-care needs. Not having a clear understanding of how spousal benefits work is another area where retirees can make a mistake and lose out on benefits. Consulting a financial advisor or tax professional can be a great way to determine the optimum time to claim Social Security benefits and which strategies may benefit your personal financial situation.
Whenever possible, people should try to maximize their Social Security benefit, even if it means delaying retirement. It is challenging to plan savings to generate sufficient income in retirement, and easy to underestimate expenses, inflation, and the cost of future health-care needs. Not having a clear understanding of how spousal benefits work is another area where retirees can make a mistake and lose out on benefits. Consulting a financial advisor or tax professional can be a great way to determine the optimum time to claim Social Security benefits and which strategies may benefit your personal financial situation.
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