Whelan Financial > Blog > Financial Misconceptions > Delay Social Security, Not Retirement

Delay Social Security, Not Retirement

Most people think that they can’t retire until they take Social Security. So, when I advise them to delay their Social Security benefit until age 67 (and most often until age 70), all they hear me saying is, “YOU HAVE TO WORK LONGER!”

Not True! The age when you take Social Security and the age at which you retire DO NOT have to coincide.

Where my clients are concerned, they have saved substantial amounts of money in their 401(k)s, IRAs, trust accounts and the like. They can retire, delay their social security benefit, withdraw from their retirement savings and then simply draw less once they start taking Social Security. If they live past 80, they are likely better off.

No two financial plans are the same. Have your CFP® run your Social Security analysis to see what’s best for you.

 

ABOUT THE AUTHOR

Portia L. White is a CERTIFIED FINANCIAL PLANNER™ Practitioner, Vice President and a Senior Advisor at Whelan Financial. With over a decade of experience, Portia continues to push the envelope in her field, extensively studying Social Security and Medicare planning.

Follow her on LinkedIn @PortiaWhite

 

You May Also Like

Article: Essentials to Brighten Your Budget!


Leave a Reply

Your email address will not be published. Required fields are marked *

×

Site Disclosures

Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. FINANCIAL PARAPLANNER QUALIFIED PROFESSIONAL and FPQP are trademarks or registered service marks of the College for Financial Planning in the United States and/or other countries.

Whelan Financial is a Registered Investment Advisor. This website is only intended for clients and interested investors residing in states in which Whelan Financial is qualified to provide investment advisory services. Please contact Whelan Financial at 559-228-8002 to find out if the advisor is qualified to provide investment advisory services in the state where you reside. Whelan Financial does not attempt to furnish personalized investment advice or services through this website. Past performance is no guarantee of future results.

Copyright © All Rights Reserved 2019

×

Leaving Site Disclaimer

The information being provided is strictly as a courtesy. You are leaving the Whelan Financial website and assume total responsibility and risk for your use of the websites you are linking to. Whelan Financial makes no representation as to the completeness or accuracy of information provided at these websites. Nor is Whelan Financial liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website. When you access one of these websites, you are leaving the Whelan Financial website and assume total responsibility and risk for your use of the websites you are linking to.

Click Here to Proceed
×