Kiplinger

Social Security: The Basics of When to Claim Your Benefit

Retirees generate their income from any number of sources, which can vary from individual to individual, such as a pension, a 401(k), an IRA or, perhaps, rental property.

But one source of income most retirees have in common is Social Security. That's why one of the more frequent questions we hear from pre-retirees and retirees is this: When is the best time to take it?

It's a great question because many people are unaware of just how complex the decision can be. A misstep could potentially cost you thousands of dollars over your lifetime.

 

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