What are some of the tradeoffs that need to be evaluated when claiming for social security?

Key Trade-offs to Consider When Claiming Social Security

When deciding to claim Social Security benefits, it is important to carefully evaluate several trade-offs that can influence your financial future. Understanding these factors will help you make an informed decision that aligns with your long-term needs.

• The age at which you choose to claim Social Security benefits can significantly affect the amount you receive monthly and over your lifetime.
• Claiming earlier may result in lower monthly payments, but you should have a plan for your spouse’s benefit as well.
• Delaying benefits may protect a spousal benefit and increase Social Security income later in life, but your portfolio will need to bridge the gap to provide income until benefits are received.