Social Security benefits account for 50% or more of retirement income for 66% of retirees, according to the Social Security Administration. For 35% of retirees it accounts for 90% or more of income. Given the importance of social security payments in retirement, maximizing benefits becomes essential to retirement planning.
That leads to the question of, “When is the best time to take social security?” One school of thought is to take it as early as possible so you will receive benefits for the longest period of time. The other side of the fence tells you to wait as long as possible to receive the highest payout. But which option is best for you personally? Read more