5 Reasons You Should NOT Take Social Security As Soon As You’re Eligible

(don’t forget to checkout the video of this blog too)

Social security is likely to be a large portion of the guaranteed, lifetime income you have in retirement.

It’s also the best inflation-protected income annuity on the planet.

That’s why it’s so smart to maximize your Social Security Income in retirement.

Here are 5 reasons you shouldn’t jump the gun on social security:

✅ You’re giving up a 76% increase in guaranteed income

By taking social security immediately you are sacrificing a LOT of guaranteed income…

In fact, taking it at 70 gives you 76% more income than taking it early!

✅ You’re not protecting yourself from inflation as well as you could be

Allowing social security to grow at a guaranteed rate of 7–8% per year protects you…

It protects your retirement income from losing power over time to inflation.

✅ You can maximize spousal benefits & survivor benefits

By just waiting until your full retirement age you can maximize the spousal benefit.

That means that your spouse can collect up to 50% of your benefit IN ADDITION to yours…

This is an often overlooked key to maximizing your Social Security income as a married couple.

Delaying your social security also allows you to maximize the larger Social Security benefit (of the household) serving as a continuation of income for a surviving spouse.

This ensures that even if one spouse passes away early, the other spouse has an adequate level of income to continue living comfortably without that added stress of a massively reduced income.🙏🏻

✅ You don’t have to worry about Social Security penalties

If you start collecting social security early but still have income, you may have to start worrying about hefty social security penalties.

Too much earned income causes your social security benefit to be heavily penalized.

This means giving away income that is rightfully yours.

✅ Maximizing your Social Security Protects your other assets

Having a larger source of income in retirement protects your nest egg longer, especially from a potential long-term care event, which can easily cost upwards of $100k/year.

Having more income to pay out of pocket allows you to protect your retirement income.

This allows you to keep more money in the market for long-term growth, which can also lead to a much larger legacy left to your loved ones.❤️

Let’s Chat 💬😎