If you were given an inheritance, would you go ahead and spend it or find the best way to preserve it and make it last over a larger duration? We’ve found that there are two main types of money managers: those who choose to hold onto the money they have and others that are eager to spend it. These same principles apply to decisions about when to start taking Social Security.

Although the government incentivizes people to wait longer before claiming their benefits, many Americans still tap into Social Security as soon as they’re eligible. In fact, a recent study showed that most Americans are claiming Social Security at the wrong time, potentially losing out of tens of thousands of dollars.

So, when should you take Social Security? What are some best practices for doing so? This is a loaded question with many factors to consider. Join us as we discuss this topic and why it’s important to think about your life expectancy, health, and overall income picture before making the decision to take Social Security. 

Here’s some of what we’ll discuss in this episode: 

• Most Americans are claiming their Social Security benefits at the wrong time. (1:39 )
• Health is a big factor to consider when it comes to taking Social Security. (5:37 )
• Only 4% of retirees wait until 70 to claim Social Security. (9:39 )
• What are some best practices for claiming Social Security? (10:39 )