Social Security Retirement Benefits: A Not So Simple Decision

October 12, 2015

For those of you who will soon be eligible to start receiving Social Security retirement benefits, you are probably already acutely aware of the decision that lies before you.  That decision, of course, is when is the best time for you to start collecting benefits.   You are wondering whether you should start collecting your benefits at age 62; whether you should wait until your full retirement age; whether you should file and suspend, etc.  If you are married, then this decision is even more complicated and the range of options before you and your spouse increases significantly.  You have probably begun to receive mailers for workshops where planners will be on hand to help you make that determination.  In addition, you may have engaged in internet research and discovered the plethora of articles on the topic, as well as a vast number of Social Security retirement benefit calculators promising to give you the magic answer that you seek.   After having engaged in my own personal research and educating myself on this very important topic, and after having had the pleasure and privilege of attending a presentation by the extremely knowledgeable and highly regarded Social Security guru, attorney Avram Sacks, at the IL-NAELA “Unprogram” on October 3, 2015, I have come to the following conclusions:

  • This decision is anything but simple;
  • There is no “one-size fits all” answer;
  • Not all benefits calculators are alike, as not all calculators will necessarily take into consideration all relevant and pertinent factors impacting this decision;
  • Not all benefits calculators offer “error” free results;
  • Certain decisions cannot be undone; and,
  • Absent a working crystal ball, any decision one makes will ultimately incorporate certain variables that will be based upon the best available information regarding health, expected longevity, future earnings, anticipated taxes, etc., which in the end may prove to have been based on incorrect assumptions.

So what is one to do improve their chances of maximizing these benefits for the remainder of their life?  Quite simply, our office recommends consulting a knowledgeable and highly-regarded Social Security guru, before making any final decisions.

©Copyright 2015 by Constance Burnett Renzi. All rights reserved.

Our office is available for consultation regarding estate planning (including Wills and/or Trusts), life care planning (powers of attorney), special needs planning, probate, guardianship matters, Medicaid eligibility for long-term care, and/or other elder law issues.  The Elder Law Center, P.C.  proudly serves clients throughout Illinois and is located in Aurora, IL,  in the Chicago Western Suburbs.  Our office can be reached via telephone (630-844-0065) or email through our website:

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