When To Take Social Security#doctor #personalfinance #socialsecurity #retirementplanning #retirement

Why are so many people making suboptimal decisions about when they take Social Security? It's not necessarily a suboptimal decision. We're just looking at a we need the money situation. So it's not a mistake for some people. But I will also broadly agree with you that, yes, far too many people file for their Social Security benefit earlier than they really should. But in retirement planning, the risky situation is actually not the case in which you die early. The scary scenarios financially are the ones where you retire at 60 and live to 100, and you had to pay for 40 years of living expenses without any earned income. That's the financially scary scenario. And it's in those scenarios that delaying Social Security works out well. So delaying Social Security, it's important to understand that reduces your financial risk. And a lot of people just simply have that idea completely backwards in their head.