ETF Trends
ETF Trends

By Larry Heller via

Social security is complicated, and no single factor involved in making this decision outweighs any of the other. So, when you sit down with your wealth manager to plan this portion of your retirement, be sure to consider these 5 things.

1. Health Status

Your health status is a major factor to consider when you’re retiring. If you’re in excellent health, and your family history indicates you can live well into your 90’s, opting to take social security earlier on may not be the best option. By delaying taking social security, you increase it’s annual value. However, if your health is failing, and you’re retiring younger, it may be more sensible to take your Social Security sooner. Keep in mind, people are living longer these days, so you may want to add a couple of years to your current life expectancy.

2. Know your Earning Tests

There are several rules and regulations for social security. If you take your Social Security before a normal retirement age, you may be penalized. If you earn more than $17,000 a year, for every 3 dollars you earn above that line, you must give a dollar back. So if you choose to dip into your social security before you’re of a retirement age, you can actually earn too much money and not get any.

Click here to read the full story on