Outliving savings is one of the biggest concerns for many retirees. In fact, if a retiree believes he hasn’t saved enough, he may begin Social Security benefits early to allow his savings for retirement more time to grow before tapping it.
However, even though Social Security isn’t a liquid asset it offers great value: You receive guaranteed income for as long as you live and the income adjusts for inflation, unlike many other retirement assets. For this reason, consider the value of spending down other assets if necessary in order to delay drawing Social Security to help you receive your highest benefit. Remember, if you spend down your retirement income savings, they may run out, but your total Social Security benefit will increase in value as you age and payouts will not end until you die — all the more reason to consider delaying for the highest benefit possible to get started.1
1 U.S. News & World Report. Jan 20, 2015. “6 Reasons to Delay Social Security.” Accessed April 14, 2016.
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