There was an article in the WSJ last year by Glenn Ruffenach titled What You Don’t know About Social Security – But Should. http://www.wsj.com/articles/what-you-don-t-know-about-social-securitybut-should-1403470474
It starts talking about an imaginary new employee who meets with his boss to talk about salary. The boss states that their payroll system is impossibly complicated. In fact, you can pick from dozens of different ways to be paid and hundreds of different start dates. Not surprisingly these all result in different salaries.
Seem odd? Welcome to Social Security!
How can this be? Well the good news is that Social Security benefits can be customized and applied for in a manner that best meets you and your family’s needs. Of course the bad news, is that knowing all or even some of these rules is really quite challenging. As a result most beneficiary’s end up using some quick short cut rules of thumb, based on “general knowledge” not a fact based analysis.
Check out the article, but if it is time for you to begin the process of determining when to draw your hard earned Social Security benefits contact DLW Planning for help creating your optimized benefit withdrawal plan.