Our topic on this episode of the Ready for Retirement podcast is about understanding when it's best to collect Social Security for your specific situation. This week, we have a listener question:
My question regards the date for a single person to collect social security. My thinking is the main benefit to wait is to obtain larger monthly benefit and also survivor benefit. I have no one who will receive SS survivor benefit, but fear if I pass away prior to collecting, my estate would have less for beneficiaries. So, now I believe it best to just collect shortly after FRA and bank it or invest it. I do not believe I will need a larger monthly amount to protect longevity, but who really knows. Am I framing this correctly? Thank you.
Question to ask ourselves: How much income can be generated from Social Security and how does Social Security play into your overall financial plan?
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