Deciding when to start taking Social Security benefits is a critical aspect of retirement planning that can significantly impact your financial security. While eligibility begins at 62, delaying until age 70 can substantially boost your monthly benefit amount, offering greater stability in retirement income.
Social Security forms a fundamental pillar of retirement finances. You pay into Social Security during your working career. Social Security is indexed for inflation and offers some hedging against two major risks you will face in retirement: longevity risk, or the risk of outliving your money, and inflation risk, which can compromise your purchasing power over time.
