Should I spend investments while delaying Social Security?

Question

The situation is that my spouse and I are approaching the ages when Social Security claiming decisions become important. The situation is that our earnings histories are different and one of us may continue working, so the best timing may not be the same for both of us. Which facts should be verified before a planner recommends a strategy?

Soradin · Accepted Answer

That strategy can increase future guaranteed income but may reduce liquid assets, so the tradeoff should be modeled. As part of the financial analysis, social Security claiming affects lifetime income and survivor protection. Within the broader financial plan, the best age depends on health, work, marital history, other income, taxes, cash needs, and how long the household may rely on the benefit.

Should I spend investments while delaying Social Security?

Soradin

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