Ready For Retirement How Should I Determine When to Collect Social Security If I'm Single?
Our topic on this episode of the Ready for Retirement podcast is about understanding when it's best to collect Social Security for your specific situation.
This week, we have a listener question:
My question regards the date for a single person to collect social security. My thinking is the main benefit to wait is to obtain larger monthly benefit and also survivor benefit. I have no one who will receive SS survivor benefit, but fear if I pass away prior to collecting, my estate would have less for beneficiaries. So, now I believe it best to just collect shortly after FRA and bank it or invest it. I do not believe I will need a larger monthly amount to protect longevity, but who really knows. Am I framing this correctly? Thank you.
Question to ask ourselves: How much income can be generated from Social Security and how does Social Security play into your overall financial plan?
Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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