When does it make sense to begin taking Social Security?
Devin Carroll CFP® joins us to discuss the timing and situations when it makes sense to wait and some situations when it makes sense to take it early.
On average, a retiree gets about 40 percent of their income for Social Security. The average social security benefit in 2016 for a retiree was $1,362. Devin estimates one could lose 30 percent of their benefits by retiring early at age 62, but filing at age 70 could get you a 24 percent increase over the full retirement age of 67.
His advice is to make sure the date you file is part of your overall financial plan that takes your tax situation and all your other accounts into consideration.
Today’s episode is sponsored by BUZZ Index
Today’s guest, Devin Carroll
Devin is a CFP® and specializes in helping individuals navigate their way into a successful retirement.
For a quick bio of each of our show participants, head on over to our panelists’ page.
About our sponsor, BUZZ Index
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