Ben Leyhew, MBA, Wealth Advisor

Many people ask if they should start taking social security as soon as they are eligible or wait.

Although many people claim social security as soon as they become eligible, at age 62, the benefits of waiting to apply for benefits cannot be underestimated. Consider it this way:  If you claim early, age 62, your benefit is reduced by 25% for your lifetime.  but if you wait until age 70, you’ll get a 32% increase in your benefit.  You should consider holding off claiming social security retirement benefits, regardless of whether or not you continue to work, until you actually need them.  The longer you wait, up until age 70, the greater your monthly benefit amount.  However, if you need the income, then you should take it when eleigible.

written by:  Ben Leyhew, MBA, Wealth Advisor, Financial Services & Solutions

If you are already age 50, is it too late to start a retirement account?

The answer is an emphatic, NO! Consider the old adage, better late than never.  People are living longer than ever before, which could mean more years in retirement.  Starting to save for retirement later will almost certainly have an effect on a person’s retirement.  If you are starting late, you should consider all the  retirement savings vehicles that are available to you.  Company retirement plans, Roth and Traditional IRAs, as well as retirement plans for self employed individuals can help.  Consult with a financial planner who can show you the options that could help make your retirement a more comfortable one.

Submitted by Jeff Brown, CPA, CFP