Today I want to provide some key insight into optimizing your Social Security benefits. This information may help you plan for your future as you approach or enter your retirement years.

In 2015, the Obama administration carried out a major overhaul of the Social Security system. This overhaul eliminated some things but did make it easier to calculate benefits.

As you probably know, you can start taking your earliest benefit at the age of 62. However, if you continue working after this you will have a reduction of your benefits depending on your income threshold. You can find more details about this by visiting www.ssa.gov.

Normal retirement age is 66, at which point you can get your full benefit without any reduction if you continue to work. At age 70, you can fully maximize your benefits.

For each year up to age 70 that you delay your benefits, you will get an 8% increase. This will be locked in for the rest of your retirement, meaning it is something to seriously consider.

When deciding when to start taking your Social Security income, there are a few questions to ask yourself. For example: When you start taking your benefits, do you plan on continuing to work? You should also consider your family’s history of longevity.

“For each year up to age 70 that you delay your benefits, you will get an 8% increase.”

Your investment philosophy is another key point to think about. What my team ultimately recommends is that you work with a qualified financial advisor to help make the best decision possible. This is especially important since the decision will be irrevocable.

If you’re interested in learning more on the subject, please note that my team and I do conduct Social Security webinars and seminars. To learn more about these learning opportunities, please contact Sandra Brinez at (781) 876-4138.

And, as always, you can also find more information by visiting my website: www.retirementcfo.com.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.