Social Security Planning
for Baby Boomers

spacerKnowing when and how to start your social security benefits could be the most important decision of your life. There are 81 different options to choose from. The Social Security Administration will not explain all of these to you and determine which is best for you in corelation to your other assets. They will only process your paperwork on your choice or you.You do not get a second chance with this.

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   Financial Planning

When should I apply for Social Security?

This is the biggest question facing baby boomers. Anyone approaching age 62 is wondering: Should I apply for benefits as early as possible and grab as much as I can as soon as I can? Or should I delay benefits until full retirement age or even 70 in order to receive the higher amount?

The answer depends in part on your situation and your plans. If you're not working and have few resources, you may have no choice but to take Social Security early. If you are still working in your primary occupation, it probably doesn't make sense to apply for early benefits because some or all of your benefits will be withheld.

The when-to-apply question should really be considered in the context of your overall financial plan. Which strategy will give you the highest income later on, when you are likely to need it the most? We can project your income stream based on the various claiming ages to help you make the decision that is right for you.