9 Pages Posted: 4 Aug 2008
Date Written: July 31, 2008
When a person should begin taking Social Security retirement benefits is a critical question for planning one's retirement. This article explains the various factors at play in determining the optimum starting point, including: longevity considerations; spousal implications, whether for a previously employed or a previously unemployed spouse; the impact of post-retirement employment; the availability of health insurance prior to Medicare eligibility for the worker and the worker's spouse; alternative sources of retirement income, including distributions from retirement savings plan assets and lifetime liquidation of nonretirement assets (and the pertinent income tax ramifications); and anticipated investment strategies.
JEL Classification: G23, G29, J26
Suggested Citation: Suggested Citation
Kaplan, Richard L., A Guide to Starting Social Security Benefits (July 31, 2008). Journal of Retirement Planning, July-August 2008; U Illinois Law & Economics Research Paper No. LE08-025. Available at SSRN: https://ssrn.com/abstract=1192902