Thinking the right way about your Social Security claiming strategy

Greg Holman

Originally posted on the Cape Gazette website

By Gregory Holman

February 7, 2024

Social Security has been around since 1935, when Franklin D. Roosevelt signed the Social Security Act into existence.

Despite almost 100 years of history, there still isn’t an easy answer for people on when they should claim for maximum optimization. Everyone’s situation is different, and there is no one-size-fits-all approach. There is, however, one mindset you need to have when deciding to claim your Social Security that will better shape your decision than any other calculation. That means looking at your full picture, not just your Social Security benefit.

If you start calculating and analyzing when to take Social Security, you may try figuring out how long you’re going to live based on your family’s longevity, and multiplying your annual Social Security benefit for each year you might claim by the remaining years you’ll likely be living. However you might be starting at the wrong place.

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