When should I start Social Security?
Patrick Thompson
Most retirement plans eventually run into one major question:
When should I start Social Security?
And the answer is not the same for everyone.
For some people, claiming early may make sense.
For others, waiting can create a larger lifetime benefit.
But the decision should not be made in isolation.
In this episode, I walk through:
Why Social Security timing is more than an age decision
How claiming early can permanently reduce your benefit
Why waiting may increase your monthly income
How taxes, retirement income, health, and longevity all matter
Why married couples need to coordinate their claiming strategy
Social Security is one of the most important income sources in retirement.
But it works best when it fits into a broader plan.
That means looking at:
Your portfolio withdrawals
Your tax picture
Your retirement income needs
Your spouse’s benefit
Your long-term flexibility
A claiming decision that looks good on the surface may create tradeoffs later.
And a decision to wait only makes sense if the rest of your retirement income plan can support it.
If you’re thinking about this stage of retirement planning, you may also want to see:
→ Retirement Income Planning
→ Retirement Transition Field Guide
→ Retirement Transition Series
If you’re within a few years of retirement, this is usually where the questions become more personal.
Should I claim at 62?
Should I wait until full retirement age?
Does it make sense to delay until 70?
How does this affect my spouse?
How does it fit with taxes and portfolio income?
That’s exactly what this stage of planning is about.
This is Episode 4 of the 12-part Retirement Transition Series for those 5–10 years from retirement.→ Retirement Income Planning
If you're within a few years of retirement, this is usually the point where the questions become more specific.
How do I actually turn this into income?
How do I do it without creating unnecessary taxes?
How do I make this last?
That’s exactly what this stage of planning is about.
This is Episode 4 of the 12-part Retirement Transition Series for those 5–10 years from retirement.
If you missed Episode 3 watch it here or move forward to Episode 5.
Ready to See What a Clear Plan Could Look Like for You?
If you’ve got 20 minutes and want an honest conversation about your retirement income and tax picture, let’s find out if we’re the right fit.