For most people, deciding when to retire is one of the biggest decisions they will make in their lifetime. Social Security often plays a significant role in many people’s retirement plan.

The way we like to think about Social Security is that it is an inflation-protected joint and survivor annuity insured by the US Government. In our practice we have seen Social Security payouts provide anywhere from a very insignificant part to a major piece of a client’s retirement income.

What should you consider before deciding when to begin Social Security Benefits?

1. Life Expectancy
2. Total Retirement Assets: 401(k), IRA, Other Investments
3. Health / Long-term care expenses
4. Expected income needs
5. Inflation expectations
6. Pension Benefits
7. Tax Rates