According to a 2019 White Paper study on the impact of making sub-optimal decisions with regards to the timing of claiming Social Security retirement benefits, retirees will collectively lose $3.4 trillion in potential income during their retirement. This averages out to $111,000 of forgone retirement income per household simply by making an incorrect decision with regards to the timing of claiming benefits. This already complicated decision is further muddied by the tendency of the financial industry to make blanket recommendations ranging from claiming benefits as early as possible to delaying until 70 for the increased benefits.
We at Asset Advisors know that just as no two of our portfolios are identical, the decision on when to claim Social Security benefits cannot be answered one way for all clients. It is a question that deserves a lot of thought and consideration of factors (both financial and non-financial) that are unique to you and your situation. We are here to help you make the best decision for your circumstances so that you maximize the benefits you have worked your life to be eligible to receive.
See this Social Security Administration flyer for more information on making benefit claim decisions. Please keep in mind however that a timing decision can only be made with a comprehensive look at all of your potential sources of income in retirement. Asset Advisors is here to take that look for you when you are ready.