Deciding when to claim Social Security can be one of the most impactful decisions in retirement planning—but it’s not one-size-fits-all.
In this episode, we’re unpacking the pros and cons of collecting Social Security early versus delaying it. Whether you’re tempted to start at 62 or considering waiting until 70, we’ll highlight what’s at stake and why timing matters more than most people realize.
We’ll break down the financial trade-offs, including common missteps such as turning on benefits too soon without considering the impact on spousal benefits or ongoing income, and how Cost of Living Adjustments (COLAs) amplify long-term gains.
If you’re closing in on your 62nd birthday and wondering what’s right for you, this episode offers clarity, key insights, and a strong reminder to measure twice and cut once when it comes to your Social Security strategy.
KEY TAKEAWAYS
- The Cost of Collecting Social Security Early
- Why Collecting Social Security Early Makes Sense for Some
- The Benefits of Taking Social Security Later
- Measure Twice, Cut Once When Filing for Social Security
RESOURCES
INSPIRING QUOTE
- “You get an 8% credit per year that you wait, which is a pretty big deal because 8% is a lot of money. There are very few things in the world of retirement that you get a guaranteed 8% rate of return.” – Mike Panico
- “Most of the pitfalls with Social Security exist for people who collect before their full retirement age.” – Mike Panico
- “When we look at the difference in check sizes, 3% against the big check is going to be more meaningful. It’s a larger annual increase than 3% against a smaller check. So, that might be another reason to consider delaying if you can afford to do it.” – Mike Panico
DISCLOSURE
Arcadia Wealth Management, LLC (Arcadia) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). The information presented in this video is for educational and informational purposes only and is intended for a broad, general audience. It is not intended as, and should not be construed as, an offer, solicitation, or recommendation to buy or sell any securities or to adopt any investment strategy. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Any references to investment strategies, philosophies, or client experiences are illustrative and may not be representative of all clients or outcomes.
Arcadia Financial has a reasonable basis to believe that this content does not include any false or materially misleading statements and presents information in a fair and balanced manner. No portion of this communication should be construed as tax, legal, or accounting advice. Please consult your own tax or legal professional for guidance specific to your situation.
Investment advisory services are provided through Arcadia Wealth Management, LLC, an SEC-registered investment adviser. Insurance products and services are offered through Arcadia Financial Group, LLC, by appropriately licensed agents. Bookkeeping and tax preparation services are provided by Arcadia Tax, LLC. These affiliated entities operate independently but are under common ownership.
