{"id":2789,"date":"2014-01-27T06:00:00","date_gmt":"2014-01-27T14:00:00","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=2789"},"modified":"2014-01-24T07:10:53","modified_gmt":"2014-01-24T15:10:53","slug":"should-i-take-my-social-security-benefit-now-or-later","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/should-i-take-my-social-security-benefit-now-or-later\/","title":{"rendered":"Should I Take My Social Security Benefit Now or Later?"},"content":{"rendered":"

\"socialsecurity\"<\/a>Often times a financial analysis is completed without looking at all the factors. With the majority of people that vote being above the age of 65 and the baby boomer generation ascending to retirement<\/a>, it is very unlikely that Social Security will be lost.<\/p>\n

The funding for Social Security will go on. \u00a0At what level is unclear, but the funding will continue. Despite what will happen to Social Security in the future, individuals tend to take benefits at the earliest possible age of 62, although increasing depending on your year of birth, according to a 2013 Urban Institute <\/a>analysis of U.S. Census Bureau data.<\/p>\n

There are many factors to review when deciding whether to take Social Security.\u00a0 The belief that you should take Social Security immediately may not be the best advice.\u00a0 Holding off and tapping your portfolio first may be more advisable for many reasons:<\/p>\n

1.\u00a0 Social Security has a guaranteed increase of 8% if taken at age 70 instead of 62.<\/p>\n

2.\u00a0 This growth could be even greater due to the COLA, the cost of living adjustment that enables the value of benefits to grow on a more-or-less yearly basis. Consequently, you could have significantly more money each month coming to you from Social Security.<\/p>\n

3.\u00a0 Withdrawing income now from your portfolio may also be more beneficial due to taxes.\u00a0 Taxes\u00a0are likely to go higher in the future. As a result, taking from your portfolio now may give you a boost later by minimizing the government’s “take”.<\/p>\n

4.\u00a0 Your portfolio is finite. At some point in the future it will dwindle.\u00a0 Social Security on the other hand continues on.\u00a0 Therefore, if you were to live longer than you had expected, Social Security acts as longevity insurance.<\/p>\n

5.\u00a0 In the event that you pass away first, your spouse will receive the higher of their or your Social Security benefit.\u00a0 If you delay withdrawing the benefit until the latest age, you provide a larger benefit for your spouse.<\/p>\n

Social Security is a powerful tool. Used right, this tool can benefit your retirement.<\/p>\n

To learn more about James, view his Paladin Registry profile<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Often times a financial analysis is completed without looking at all the factors. With the majority of people that vote being above the age of 65 and the baby boomer generation ascending to retirement, it is very unlikely that Social Security will be lost.<\/p>\n","protected":false},"author":27,"featured_media":2801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-2789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\nShould I Take My Social Security Benefit Now or Later? -<\/title>\n<meta name=\"description\" content=\"There are many factors to review when deciding to take Social Security. 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