Regardless of the plans you’ve made to prepare for your retirement, Social Security is likely to be a part of them. With that comes the question of when you should begin receiving your Social Security benefits. By simply waiting another four to five years to receive your Social Security benefits, you can supplement your retirement income substantially. Additionally, if you begin to receive Social Security benefits before full retirement age and continue to work, you will have to pay taxes on the benefits you receive. This is something that will also impact your decision on when it’s appropriate for you to begin receiving your Social Security benefits.

Source: Forbes April 16, 2021 10:52 UTC