Maximizing Your Social Security Payout–It’s a Conundrum!
Or, at best, a riddle or a mystery. There are some basic unknowns (like how long you’ll live, how long your nest egg will last, how much you’ll spend, etc.) that render it virtually unachievable to get a firm answer on how to ultimately get the most out of the program. In fact, just thinking about this question brings back a memory from a post on this site last year in which we used the 2002 Department of Defense news briefing comments by United States Secretary of Defense Donald Rumsfeld to make a point. He said ” … as we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don’t know we don’t know.” All of which adds up to the fact that nobody can see the future
Nevertheless, there are ways you can hedge your decision-making to help you get the most out of Social Security. The key, as many financial advisors will tell you, is to delay taking your benefits, perhaps to age 70 if you can. The Courier’s Adam Levy provides some perspective on this matter in a post you can access here…