Social Security 2026 has issues. It isn’t “ending”—but four things are changing fast: Gen X is lining up with new questions, reform pressure is getting real, the “best” claiming age depends on your life (not just math), and dealing with the Social Security Administration can still be a time-suck. Here’s what to watch—and what to do
Short answer up front: if you’re healthy and can afford to wait, 70 usually wins on lifetime dollars; if cash flow is tight or your health isn’t great, earlier can make sense.
If you’re within 5-10 years of retirement and have built a portfolio north of $1 million, congratulations—you’ve done the hard part. Now, it’s about avoiding retirement mistakes.
We all love free money; and no taxes on Social Security sounds good! Hey, Social Security benefits weren’t taxed for many years!
Social Security decision-making isn’t as easy as it was for our parents and grandparents. When they became eligible, they simply went downtown (remember those places?) and simply filed.
Not so easy today. Social Security decision-making has become more complex and, unfortunately, because of that, there are few ‘simple’ answers.
Social Security claiming decisions aren’t as simple as they may appear. The decisions you make for yourself can impact your spouse, your future taxes, and even the bite Medicare premiums take from your Social Security benefits.
Many people believe they should take Social Security early in order to keep from drawing down IRA assets, believing that the longer they can grow the IRA tax-deferred, the better off they’ll be.
Are they wrong? Maybe. Maybe not. Different people are in different circumstances.
There have been some changes to Social Security this year.
Too many seniors still take the Social Security claiming decision too lightly – it’s a mistake that can cost them tens, if not hundreds, of thousands of dollars of retirement income during their lifetimes. And, often, the decision is made based on false bias or assumptions rather than a solid planning strategy.
Mistakes can be costly – and may be permanent!
