When to Tap Social Security: The Sometimes Surprising Answer From Online Calculators

“One of the most complicated and consequential decisions in retirement—when to start collecting Social Security—has been transformed by online calculators.

The conventional wisdom says that you should wait to claim benefits as long as possible, to maximize your payments. But one size doesn’t fit all, and people’s circumstances are often different than the standard assumptions about expected lifespan and career plans.

That’s where these calculators are useful. Put in your age and your spouse’s age, as well as information from your Social Security statement, and the calculators will tell you when you should each begin benefits to get the most money over your lifetimes.” Continue reading.

Source: The Wall Street Journal
5-minute read.