Understanding Social Security Benefits

From market volatility and inflation to healthcare planning and taxes, it is important to have a coordinated, comprehensive plan for retirement. We are dedicated to helping individuals build a holistic strategy to minimize taxes, maximize savings, and make money last throughout retirement, while answering their questions along the way.
Q: When should I start taking Social Security benefits?
A: Many are tempted to wait longer to earn a larger monthly payment. This decision can significantly impact whether your money will last throughout retirement, so it is important to make an informed choice. However, the answer varies for each individual. Although holding off until age 70 is beneficial for some, it is imperative to consider your income sources, financial needs, health, spousal benefits, life expectancy and the impact your decision has on taxes. Making an informed decision can mean the difference of tens of thousands of dollars of income in your lifetime. Consult with your financial professional to determine what is best for your personal situation.
If you have questions regarding your retirement income planning options, reach out to us at (661) 297-7566 or submit questions to Ivy@PiersonWealthManagement.com.
Pierson Wealth Management is located at 28368 Constellation Rd., Ste. 396, Santa Clarita, CA 91355. Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. CA Insurance Lic# 0C92500.
This information may not be relied on for the purpose of determining your social security benefits or eligibility, or avoiding any federal tax penalties. You are encouraged to seek advice from your own tax or legal professional.