Is it mandatory to take social security at 70
- should i wait to take social security
- should i wait to draw social security
- can i wait to collect social security
- should i wait till 70 to take social security
When can i draw social security if i was born in 1961...
When to take social security calculator
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Deciding when to start taking Social Security benefits is a critical aspect of retirement planning that can significantly impact your financial security. While eligibility begins at 62, delaying until age 70 can substantially boost your monthly benefit amount, offering greater stability in retirement income.
Social Security forms a fundamental pillar of retirement finances.
You pay into Social Security during your working career. Social Security is indexed for inflation and offers some hedging against two major risks you will face in retirement: longevity risk, or the risk of outliving your money, and inflation risk, which can compromise your purchasing power over time.
If these risks are not adequately addressed in your retirement planning process, they could undermine your retirement plan and compromise your quality of life in your old age.
Integrating Social Security into a broader retirement strategy alongside pensions and personal savings is essential for sustaining your desired lifestyle and financial independence throughout retirement.