With the recent change to the Social Security programs, the best time to take your Social Security benefits has shifted. In many ways, it is more straightforward now.
As before, your best answer depends upon a handful of factors, the most important one being how long you will live. And no one really knows this and it is unknowable. However, you can make an educated guess based on your present health and your family's health history. Here's the boiled down version.
For couples, if you have exceptional health and longevity, defer as long as you can and collect the delayed tax credits. If you have poor health, file early and get your benefits while you can. Most will fall in the middle and so waiting until full retirement age to collect your benefits will be the best.
For singles, it is the same pretty much, except that if you have average health you'd likely be better off waiting for full retirement age to collect a much richer benefit in case you end up living much longer than anticipated--and it does happen!
There are always twists, turns, and caveats with Social Security, but that is the general lay of the land.
If you have questions about this, let us know and we'd be happy to help.
Check out this link for a more in depth dive into this topic.
Lately watching the markets has been like watching paint drying on a wall. The steady, sluggish action is a good thing. We remain stubbornly close to, or in the case of the NASDAQ marking, new all time highs. The trend is up for now. Click on this link for Investor's Business Daily's take on this market.
Tuesday was another lackluster day in the markets. Energy has remained volatile, and tech has been doing very well lately. Please don't forget that we are close to all time highs, which means that the market is healthy. Keep in mind that the market has its own mind and things can and do change quickly. So just stay engaged. Click on this link for Investor's Business Daily's commentary.
The markets again traded within a narrow range and closed flat. The news of the day was that a repeal of ObamaCare passed the House and is off to the Senate. So biotech and the like moved up. On another note, oil, energy, and metals declined again today. Here's the link to Investor's Business Daily's post.
On Tuesday the markets closed up a bit. Big moves up and down, meaning moves of 1% or more, have been few and far between since January 1st. It has been amazing how steady the markets have been this year. The Is it the economy? Is it the steady inflow of money into index funds which stabilizes the market? Is it the Fed policy? The answer, likely, is that it is a bit of all of these and additional factors. Stay engaged. Meanwhile, here's a link to Investor Business Daily's commentary on today's market.