Delaying Social Security: Impact on Retirement

There are many different decisions that need to be made in the wake of an upcoming retirement. There are also so many different questions that are presented to people who are on the cusp of this retirement decision.

It can be overwhelming to think through all of these different aspects but having the right financial professionals to guide you through this process can help you feel more confident about your overall decision, and the next steps that you will take. Consider, for example, how delaying the step of Social Security can add significant dollars to your bottom line.

You can use various planners and calculators to think about your out of money age, your net worth and what you’ll draw from Social Security. This can help you make a firm decision about just how far on the horizon retirement is for you. Working a little bit longer may be to your benefit if it is still of interest, because it offers a variety of different advantages, especially as you delay those first social security payments. This will help you figure out the right decision for you and when to start bringing in the most money over your lifetime.

When you work a little longer, you can save more, delay tapping into your existing savings and earn more income for a longer period of time. You can also think carefully about what assets you already own and whether or not any transitions or additional savings need to be added to that bottom line. The right financial professionals are here to guide you through every transition and next step in your retirement life.

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