When Should You Take Social Security?

November 19, 2018
Social Security is a complex topic. And if you're nearing retirement, when to claim your benefits is a critical decision. There's no single correct answer, but in this episode, Mark Riepe and Rob Williams offer ideas to help you formulate a Social Security plan that's right for you.

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After you listen

  • To hear more about how present bias works, listen to the "The Temptation of Now" episode of the Choiceology podcast.
  • Read about more how to maximize your Social Security benefits at schwab.com/SocialSecurity.
  • To hear more about how present bias works, listen to the "The Temptation of Now" episode of the Choiceology podcast.
  • Read about more how to maximize your Social Security benefits at schwab.com/SocialSecurity.

In this episode of Financial Decoder, host Mark Riepe examines one of the most critical retirement decisions: When should you take Social Security? When you claim too early, your benefits are reduced, and yet a large percentage of people claim at the earliest possible age. What's driving this decision? Mark looks at three psychological phenomena that could impact the decision: loss aversion, present bias and reference points.

Joining Mark in the discussion is Rob Williams, Vice President of Financial Planning, Income Planning and Wealth Management.

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Financial Decoder is an original podcast from Charles Schwab.

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