What is the Best Strategy for Social Security? Well…”It Depends”

Have you ever asked a really important question that you need an answer for and the person answering says to you, “Well it depends?”  This answer drives me nuts and sadly I have to give this answer to clients from time to time.  But still I wish that solutions would always fall on one side or the other.  It just makes things easier.  In addition, you have to know all the reasons and loopholes to know what it depends on.  This is the missing component for a lot of people regarding Social Security.

Social Security represents 40% of the average person’s total income in retirement however it is very much an “it depends” type of benefit. One decision can have major impacts to the future.  I have heard clients ask these questions more times than I can remember.  “Should I take it at 62?” “Or maybe 66 or 67?” “Or maybe I should wait to take it at age 70 since that is the highest dollar amount.”  “I’ve also heard about spousal benefits or widow’s benefits, or divorced benefits.  What are those and when do I take them?” And “Aren’t there strategies to maximize my Social Security?”  So what’s the right answer?  You guessed it.  It depends.

I recently gave an hour and half presentation on this subject alone so there is a lot of information surrounding it.  In my professional opinion, I believe that Social Security should be incorporated with someone’s personal financial plan so that it coordinates with your investments and income both before and during retirement.  That way the correct strategies, scenarios, and “it depends” are specific to you.

Here are some things to think about when considering Social Security: 

  1. Health status
  2. Life expectancy or family history
  3. Need for income
  4. Whether or not you plan to work
  5. Survivor needs

If this is a topic that is of interest to you and you find yourself swimming with more questions than answers, register for our complimentary Social Security Workshop this Saturday, July 14th hosted by Andy Whitten and John Teixiera CIMA®, CFP®,AEP®, AIF®. We love to answer your “it depends” questions.


PFG Private Wealth Management, LLC is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. This material and information are not intended to provide tax or legal advice.    Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.  Insurance products and services are offered and sold through Perry Financial Group and individually licensed and appointed insurance agents.