When Should We Apply for Social Security
- November 12, 2013
- Social Security
When should we apply for Social Security income? After all, there many factors to think about. Delaying benefits from age 62 to 66 will increase income by 32 percent, and delaying from 66 to 70 will increase benefits another 32 percent, and if the higher earning spouse delays benefits, then the survivor benefits when one spouse dies will likely be higher. There is no easy answer, on the one hand, where can you almost get a guaranteed increase in almost 8 percent per year. One the other hand, if you delay benefits now, it becomes more likely you may have to draw more income from your life’s savings. And what do you have more control over? How you handle your life savings or the future of Social Security? Be sure your financial plan places a heavy consideration on when to draw Social Security benefits.