Part of a smart investment/retirement strategy includes how and when you’re going to use your social security.  When it comes to social security, there are four basic elements to consider:

1) It can pay to delay.  What does this mean?  It means that although you can start receiving benefits at the age of 62, if you wait until the age of 66, you’ll receive 33% more.  And if you wait until the age of 70, that figure increases another 32%. Determining factors as to when you should begin taking social security include how much you’ll need for retirement, and what other income sources you have.

2) You can receive social security and keep on working.  Even if you are working or earning self-employed income, you can still collect social security.  There are a few details/caveats to keep in mind but essentially, you can earn up to $15,480 without any impact on your benefits.

3. You have choices when you are married, divorced, or widowed.  Details on all of these are specific to your situation.  More here.

4. Social Security may not cover all your needs in retirement.  Social security is a part of the retirement equation, not the whole equation.

For more information on how to make the most of social security, check out this smart Fidelity article here.  And of course, email or call us with any questions you have.