Social Security Benefits: When Should I Activate?
State College, PA - One of our areas of specialty here at Financial Abundance is income planning and distributions, with a keen focus on retirement planning and investments. We often get the question; when should I start to take my social security benefits? Do I take them at 62, do I wait till full retirement age at 65/66, or do I defer to 70? How about my spouse what do they do?
I find that people are asking the wrong questions. It really becomes a question of how much one needs to maintain current lifestyle with inflation adjustments in retirement. I teach it in every class,“What’s your number?” What return or yield on your total investment portfolio (all your assets) needs to happen annually to not run out of money by time you reach 100 years old? The answer is dramatically different depending on how much one has saved for retirement? How many years until retirement? How much money is currently needed to live annually? How much money would onelike to live on annually in retirement? How much money will potentially be earned between now and when one retires? How are taxes going to impact? How are potentially negative economic years going to impact? What are your fixed incomes sources, pensions, or Social Security? All these answers are compiled to give us the bottom line math equation one would need to determine when, how, and where one may retire.
To read more please click on the following link: http://www.faicoach.com/2014/02/11/social-security-benefits-activate/