Deciding when to file for Social Security is a key financial choice in retirement planning. Ideally, individuals should wait until their full retirement age to avoid benefit reductions. Delaying beyond this point can increase benefits by 8% per year until age 70. It's also essential to assess savings balances and how much that sum can generate annually. This evaluation will help determine how much additional income will be necessary from Social Security. Thoughtful planning ensures that retirees can secure a comfortable financial future.
"It's crucial to consider how much annual income you can generate from your savings before deciding when to file for Social Security benefits."
"Filing for Social Security too early can lead to a permanent reduction in benefits, while delaying until age 70 can increase your monthly payout significantly."
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