Are You Claiming Social Security Too Early or Too Late?

The estimated average monthly Social Security retirement benefit in 2023 is approximately $1,827 and can change monthly.

Delaying your Social Security benefits until age 70 can increase your monthly payments by up to 76%. However, only 4% of individuals wait until age 70 to claim their benefits according to the Center for Retirement Research at Boston College. Social security may be taxable, so you need to consider your current and future income to calculate the net benefit.

However, claiming social security early may be the best strategy for you based on your savings and current and future income and expenses.

Checklist to consider:

• When do I want to retire?
• What is my income now and in the future?
• What are my expenses now and in the future?
• Should I claim social security early or at the latest date?
• Have I considered my current tax rate and its impact on my savings?

To help you answer these questions and plan for your retirement, take advantage of The Power of Oppenheimer Thinking. Find an Oppenheimer Financial Professional near you today for your personal retirement reality check and social security assessment.