If I Could Give Retirees 1 Piece of Advice on Social Security, It Would Be This

When you read Social Security articles, most of the advice you'll find is about optimizing your benefits. For example, you may hear that you should claim Social Security at 70 because it gives you the best chance of getting the most lifetime benefits. Or you may hear that you should claim Social Security at 62 in order to begin investing the money, which is what finance guru Dave Ramsey suggests.On some level, all of these tips can make sense. After all, you could increase your chances of collecting the most Social Security money over time by waiting to claim benefits. That's because many people outlive the life expectancies that were in place when Social Security was designed, so the system of early filing penalties and delayed retirement credits that was supposed to equalize out benefits for early and late claimers doesn't work very well anymore. It's also probably true that claiming Social Security at 62 and investing could be a good strategy.Still, despite the sound reasoning behind these suggestions, it's not necessarily the approach I would tell future retirees to take. In fact, if I could give retirees one piece of advice about Social Security, this is what it would be: Remember that the ultimate purpose of your benefits is to give you the best retirement possible.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool