When Should I Claim Social Security?

When should you start claiming Social Security? Should you claim early at age 62, wait until full retirement age, or delay your benefits until age 70?Deanne Rosso and Brian Rosso of Elevate Wealth Advisory discuss some of the biggest factors to consider when deciding when to claim Social Security, including your cash flow needs, longevity assumptions, taxes, and overall retirement strategy.Social Security isn’t a one-size-fits-all decision. Understanding how your claiming age affects your monthly benefit can help you make a decision that fits into the bigger picture of your retirement plan.Want help deciding when to claim Social Security? Visit elevate-wealth.com and click Let’s Talk.🔗 Website: https://elevate-wealth.com🔗 Facebook: https://www.facebook.com/elevatewealthadvisory🔗 Instagram: https://www.instagram.com/elevatewealthadvisorySubscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!When should you claim Social Security? Early, full retirement age, or later? Let's talk about it today on Elevate Wealth. Hey everyone, I'm Deanne Rosso with Elevate Wealth Advisory, and I'm joined today by our vice president, Brian Rosso. Welcome, Brian. Thanks for having me. Glad that you're here. So Brian, what is the biggest factor in deciding when to claim Social Security? The biggest factor in our mind is your claiming age and how that fits into your overall retirement plan. Yes. You can claim earlier and receive a lower benefit for your lifetime, or you can choose to delay for larger monthly checks and potentially more benefit over your lifetime. And, that's especially important when you're considering delaying with other types of strategies, like spousal or survivor strategies. Right. Because it's not just necessarily about you sometimes, it's about you and your spouse. That's right. So, what's a common mistake that people make when they're deciding? The biggest mistake we see is thinking of Social Security as a one-size-fits-all decision. So, we believe you shouldn't base your decision on what you may hear from your friend, your relative, or even a colleague do for themselves. You should really tie it into what are your cash flow needs and your longevity expectations. Agreed. Then you should also kind of consider and coordinate it with your tax plan and your overall retirement strategy. I agree. That's so helpful, Brian, because it's such it's a decision that impacts so many other things. Sometimes we think of it as a domino effect. It can affect your spouse's claiming decision. It can affect your taxes, your cash flow. So, obviously it's a it's a big decision, and I agree that not taking it as a one-size-fits-all is is a really good strategy. So thank you for that insight today. I appreciate it. And if you need help deciding when is the right time for you to take your benefit, we're here to help. Visit us at elevate-wealth.com and click "let's talk." Thanks for watching. We'll see you next time.#SocialSecurity #RetirementPlanning #SocialSecurityBenefits #FinancialPlanning #RetirementIncome #PersonalFinance #ClaimingStrategy #Retirement #WealthManagement #ElevateWealthAdvisory