By Roy Whited
This information was taken in part from a March 16, 2014 post from the Wall Street Journal where two financial advisors locked horns over which is the smarter move; taking the sure thing now, or holding out for the larger payment down the road. One of the advisors said it is better not to wait, while the other advisor said that waiting is by far a better option.
In reality they could both be right or wrong depending on the individuals situation. The choice as to when you should start receiving Social Security retirement benefits can be effected by many things. For example, your health, your money, your family, or your current employment opportunities.
A case for not waiting. One spouse is a retired school teacher and is receiving a state teacher monthly pension. Should the retired teacher die their spouse will continue to receive a pension from the deceased spouse pension. However, should the spouse who is getting a monthly Social Security check die, the retired teacher does not receive any monthly retirement benefits from Social Security. Why not take the monthly payments from Social Security at age 66 and use part of it to purchase life insurance that could be used to provide an additional pension for the spouse who is going to lose the Social Security benefits of their deceased spouse?
Regardless of the individuals situation it is very important that retirees understand their options. It is equally important for retirees to understand how they can use certain planning techniques to protect their homes and other assets from being lost to the cost of health care including the costs of a nursing home stay. Todays cost of long term care can be over $80,000 a year.
Why not call the professionals at Cooper, Adel & Associates to schedule a free 1 hour consultation and learn how to protect your assets. 1-800-798-5297 or fill out our online form.