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When Should You Take Social Security?

Deciding when to take Social Security benefits can affect your retirement income by hundreds of dollars a month. It can be a very complicated decision with many influencing factors, such as inflation, tax implications, age, and marital status.

After your first year of receiving benefits, you can’t go back and change your mind. And if you do change your mind in that first year, you will have to pay back all benefits you received to be able to delay your benefits until you can receive a larger benefit. Since this decision will eventually affect your retirement income forever, we think it’s important to be as informed as possible to make the right decision for your needs.

If you don’t have a plan yet, we encourage you to take the first steps toward making a Social Security decision. After all, how can you know if you’re financially prepared for retirement if you don’t understand your options regarding Social Security income?

To begin your plan of action:

  1. Determine your Full Retirement Age by going to the Social Security Administration’s Retirement Age Calculator .
  2. Create a “My Social Security” account at . Once you have an account, you’ll be able to see estimates for your future benefits.
  3. Decide when to take Social Security retirement benefits. This decision can be one of the most important and most complicated ones you’ll make in your retirement planning. The best time for when you should take your Social Security benefits will depend on your individual circumstances, and talking through your many options with a credentialed Retirement Planner may help you to get the most out of Social Security.

If you still have questions or would like to learn more, we offer a complimentary Social Security
Blueprint Seminar that covers:

  • Social Security fundamentals
  • Strategies for optimizing benefits tailored to your individual circumstances
  • Q&A session to address specific concerns