On The Money

The most efficient strategies for taking Social Security

INDIANAPOLIS (WISH) — Although Social Security is one piece of the financial puzzle, it should be properly planned for. Alex Joyce, President and CEO of ReJoyce Financial, joined us today to offer advice on taking Social Security.

Joyce said it’s important to know that when you take Social Security at 62, the age of eligibility, you’re giving away 25% of your full retirement benefit amount. If you wait until age 70, the benefit amount will be higher, as you receive delayed retirement credits each month.

Social Security is calculated on your highest ten years of earnings, averaged down. Joyce said that once people understand and have confidence that they’ll receive the dollar amount that they should, they should back that in to what that looks like from an income planning perspective.

There’s no time like the present to consider professional financial advice. Information on financial planning is available at the ReJoyce Financial website or by calling 317-903-0517.