The basics of Social Security retirement income are simple: all of your estimated benefits are based upon your “full retirement age” as determined by your birth year. Start taking benefits earlier (the youngest eligible age is 62), and they will be lower. Delay benefits until later (but in no case past age 70), and they will be higher.
Your decision will be affected by what other retirement assets you have and by what expenses you predict you’ll need to cover during your drawdown years. A fulsome retirement plan has multiple pots of money, some of which should be tax-free when disbursed. Remember, up to 85% of your Social Security income is taxable.
To calculate your Social Security benefit amount and determine the impact of early acceptance of benefits, visit www.ssa.gov. But don’t feel you have to walk this path alone. Our professionals are happy to help you set up a retirement plan that works with your Social Security benefits to provide you with the most comfortable level of income possible.
