Determining When to Take Social Security
One of the more important decisions to make when it comes to Social Security is when to file for it. There are pros and cons to filing early, on time, and waiting until later. The right decision is going to depend on a multitude of factors that are each unique to the individual. Filing early is in many cases the worst option because you get the least money in the long run, however it could still be the right choice depending on financial status and health factors going in to retirement. Waiting until the last moment could net higher returns, but many people might not live long enough to see the point where it pays off. This could all be a guessing game, but it’s still important to go in to the decision making process knowing as many variables as possible in order to give you the best outcome. For more information on this topic, visit this article by Maurie Backman with The Motley Fool.