What should folks consider when making this decision?
People should consider the following when deciding when to take Social Security benefits:
- Understanding that if they take benefits before full retirement age, they will be subject to a reduction
- Delaying past full retirement age means receiving an annual increase of 8% called a delayed retirement credit
- Cash flow needs if retiring and replacing income
- Paying down debt
- Increasing charitable giving
- Health and longevity in the family (impacting how long benefits may need to last)
- Legacy goals and inheritance, as Social Security benefits can't typically be passed on while portfolio assets can be
- Income taxes, as Social Security could be subject to tax depending on other income
On Today’s Program, Rob Answers Listener Questions:
- Should I take $15,000 from my 401k to pay for home repairs like a furnace and AC replacement?
- Can I deduct the value of my own labor for maintenance and repairs on a rental property that I own?
- If I’ve invested in companies in the past who do things that I don’t agree with, am I ethically responsible for the things they do with that money?
- If I have a long term care plan for myself but not my husband, would that mean that Medicaid can take away all of our land and properties if he needed to be placed in a nursing home?
Resources Mentioned:
Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.
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