If you have less than $250,000 saved for retirement, chances are your Social Security retirement benefits could be the main source of your retirement income. If this is true, then you may want to consider working as long as you can, or until age 70, and delay your retirement benefit so it can grow as much as possible. However, if you have more than $250,000 saved up for retirement, deciding when you should file for Social Security becomes a more nuanced question. Why? It’s because there can be a rippling effect throughout the rest of your retirement plan.
Assuming that your target retirement age is around 60 years old, and you expect a certain amount of income each year with a cost-of-living adjustment, your plan would need to account for the gap between when you retire and when your Social Security benefit starts…