Deciding when to initiate your Social Security benefits is a pivotal crossroad on your retirement path. This decision plays a vital role in shaping the foundation of Your Financial House.
Evaluating Financial Need
Assessing your financial needs is the first step. Age alone doesn’t always dictate the optimal time to claim Social Security. Reflect upon your current financial situation and determine if this income is a necessity or can be deferred to support your long-term goals.
Factoring in Age and Spousal Dynamics
Your age and your spouse’s age play a critical role in the timing of Social Security benefits. Just as you carefully build a foundation that withstands the test of time, timing Social Security benefits requires thoughtful consideration of spousal continuation benefits.
Gauging Employment Status
If you’re currently working or planning to return to work, understanding the impact of claiming benefits prematurely is essential. Just as the walls protect your financial structure, making informed decisions about employment and Social Security guards against unforeseen challenges.
Unveiling Divorce-Related Benefits
Divorcees have Social Security entitlements similar to those of married couples. Exploring these often overlooked benefits can significantly impact your financial outlook, reinforcing your overall structure.
Health and Longevity
Health uncertainties can prompt the need to activate Social Security benefits sooner. Balancing the “use it or lose it” nature of Social Security income is crucial for a well-rounded plan.
Empowering You to Make Informed Decisions
At Eric Scott Financial, we’re dedicated to helping you navigate these critical decisions. If you have questions or concerns about filing for Social Security, please call our office at (435)773-9444 to schedule a time to sit down with one of our Financial Architects, and we’ll provide you with a comprehensive analysis of the advantages and considerations associated with filing for your Social Security benefits.