Choosing the right claiming age for your Social Security retirement benefits can result in tens of thousands of dollars in savings or more. It’s not a one-size fits all answer so you better know the relevant factors and considerations.
In this episode, Steve and Mel discuss the following:
- Review the fundamentals of Social Security retirement benefits.
- The basic tradeoffs of claiming SS benefits earlier versus later.
- The key factors that play a role in the optimal claiming age decision.
- The types of analysis for the optimal claiming age.
- Why the analysis for married couples is more complex than for single individuals.
- Where to get help in analyzing your optimal claiming age strategy.
- And more!
- Visit our corresponding Blog at Oasis Wealth: Episode 11
- SSA's Life Expectancy Calculator
- Living to 100 Calculator
- Alleva, Brian. Discount Rate Specification and the Social Security Claiming Decision. 2016
- Alicia H. Munnell and Anqi Chen, Are Social Security’s Actuarial Adjustments Still Correct? 2019