Life & Finances Episode 17: Social Security - Should You Take Early or Delay?

In this enlightening episode, our financial experts Roger and Jake dive into one of the most frequently asked questions in retirement planning: "When should I take Social Security?" Whether you're considering early retirement, planning to delay, or unsure of what makes the most sense for your financial situation, this episode is packed with valuable insights to help guide your decision.

You've spent decades paying into Social Security—it’s time to make sure you get the most out of it.

In this episode, we cover:

What is Social Security and why it’s a critical part of your retirement income

Understanding FRA (Full Retirement Age) and PIA (Primary Insurance Amount)

Should you take Social Security early? Key reasons it might make sense

Why delaying Social Security could significantly increase your monthly benefit

How Delayed Retirement Credits (DRCs) work and who benefits most from them

The importance of breakeven analysis when timing your benefits

How working during retirement affects your Social Security income

Common misconceptions that could cost you in the long run

The role of spousal benefits and survivor strategies in optimizing income
How to factor in taxes and income thresholds when claiming Social Security

Key takeaway: The decision to take Social Security early or delay should never be based on a rule of thumb. It should be rooted in your personalized financial plan, considering your income needs, health, longevity, and overall retirement strategy.