In today’s topsy-turvy world, millions of Americans are taking a closer look at their financial future and laying the groundwork for their golden years.
Nearly every conversation surrounding retirement has a lot to do with when to begin collecting your Social Security benefits, and how to strategically maximize your payouts.
Naturally, many factors are beyond our control such as job security, health, and other events that can completely alter our life trajectory. While everyone’s individual financial picture varies, we’re here to start the conversation and give you the knowledge you need to go down the right path.
Let’s start with the good news: no matter when you decide to take benefits, Social Security is for the rest of your life.
You read that right — once you draw benefits, you will continue to get them until you leave this world.
As morbid as it sounds, the length of time you expect to live is a large part of the “guesstimate” as to when the right time to take Social Security is for each person.
Moreover, once you begin drawing benefits, you’re likely “grandfathered in” and will keep your current level of benefits even if the government begins to cut benefits for future beneficiaries. This is an important point you should keep in mind, especially given the unprecedented budgetary challenges we’re seeing at the federal level.
Politics aside, anyone with a basic grasp of numbers understands that cuts to benefits will eventually be inevitable.
So, younger folks who are far from retirement, we urge you to plan ahead. You should ensure that Social Security isn’t your only means to support yourself during retirement.
Instead, Social Security benefits should be enhancements to your savings. The hope is that you’re not entirely dependent on this government program…………….Read More>>