Maximizing your dollar both before and during retirement is our goal. Part of this approach means never leaving money "on the table." Unfortunately, most Americans make very poor financial decisions when it comes to social security. Many Americans simply take social security at 62 and permanently reduce their—and their spouse's—incomes. When we say too much money left on the table, we mean potentially thousands of dollars! Drawing social security too early or not using the correct strategy can mean you will have to draw on your other investment and retirement accounts far too heavily down the road. These decisions are too critical to your long-term investment and income plan to make ill-prepared.
As you plan for retirement, it is wise to consult with a trusted financial professional to determine when you should begin receiving social security benefits, how (and whether) you should invest them, and to assess your income flow after the last paycheck. For today’s retirees, social security will almost definitely be able to provide a monthly distribution. The question that remains is when the payout should begin.