When should you take social security? paid Impact_Partner
Taking Social Security earlier than when you truly need to can be a tragic mistake.
For example, if someone needs $75,000 of annual retirement income to fulfill their desired lifestyle, any of these generic income instances would do:In all four examples above, the desired lifestyle in retirement is attained thanks to several income streams. As long as the needed income is present monthly, and therefore annually, is there much of a difference of where the income comes from? Yes and no.
The net after-tax income has not changed. The family still has the lifestyle they desire with the $90,000 of net annual retirement income and are impartial for their first few years of retirement if any of their income is coming from Social Security at all. They made a financial decision to find a way to delay and receive larger Social Security income, which resulted in the financial forecast of paying less in taxes and having more money in their investments in the future.
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