Josh Millang discusses how social security claiming impact retirement.
Listen to the interview on the Business Innovators Radio Network:
When deciding when to claim Social Security, it is crucial to understand the impact that this decision will have on retirement. Different claiming strategies, such as delaying or changing benefits, may affect the total lifetime Social Security benefit and other aspects of retirement income.
If someone is married, their spouse’s benefit is also impacted by them claiming Social Security. If one spouse dies before the other does, the survivor can receive the deceased’s benefit if it is higher than their own. Therefore, deciding when to claim Social Security could help protect their family in case of death or disability. Also, it’s essential to consider that life expectancy affects social security claiming decisions. Individuals who live longer (or those with a family history of longevity) might want to wait until later to claim Social Security to maximize their benefits.
