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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How much will you need to retire?

When Should I Collect Social Security?

Current forecasts project a Social Security shortfall in about a decade. Knowing when to collect can help you maximize your benefits. Find out when could be the right time for you to start collecting Social Security payments.

Social Security Is Taxable? How to Minimize Taxes

Many retirees are surprised to learn that, above a certain income threshold, Social Security can be subject to taxation. Here are strategies to consider.

What Age Can You Collect Social Security?

Social Security offers the option to draw benefits early. Understand the factors that determine if you should begin taking Social Security early or wait until full retirement age.

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