When calculating retirement income and Social Security,_________________.

Question

Quizplus · Accepted Answer

It is not wise to solely rely on Social Security to cover retirement expenses. Instead, it is recommended to have other sources of income such as a pension plan, retirement savings, and investments. If you have a working spouse, it is beneficial to have the spouse with the higher income delay taking their Social Security benefits until they maximize their benefit amount. This way, you can potentially receive a higher combined Social Security benefit over your lifetime. Filing for Social Security as soon as possible may not be the best option as delaying benefits can result in a higher monthly benefit amount.

When Calculating Retirement Income and Social Security,_________________