When deciding when to claim Social Security benefits, your age plays a key role.
If the market is volatile, it might be best to hold off.
Should I start claiming benefits now or wait?
Choosing when you decide to start claiming your Social Security could impact your income for your entire retirement. The right age to retire and start claim depends mostly on personal factors.
The stock market has been pretty rocky and some experts predict that a recession could be looming. Retiring during periods of stock market volatility can be challenging. When stocks are down, your retirement fund may also drop in value. If you choose to retire now, just know your saving may not go as far.
If you want to retire now and have the savings to do it, you certainly can. However, if your savings are falling short waiting and limiting your withdrawals may be a good idea until the market recovers. The same idea can be applied to claiming benefits– waiting to file could result in bigger checks monthly.
It is also good to keep in mind that Social Security benefits could be reduced in the near future. The Social Security Administration’s funds are set to run out by 2034. Whether or not the cuts will actually happen– nobody knows but it is always smart to develop a plan just in case.