When should you start Social Security? For Canadians living in the United States, the decision involves more than choosing the largest monthly benefit.
In this video, Bryan Haggard, CFP®, CFA, compares claiming at 62, 67, and 70. Using a simple benefit example, he explains the payments you give up by waiting, the approximate breakeven ages, and how your savings affect your ability to delay.
The video also explores a common cross-border situation: one spouse has a substantial U.S. Social Security benefit, while the other has little or no benefit on their own work record. Spousal eligibility, the worker’s filing date, and potential survivor income can all change the household’s claiming strategy.
You’ll learn how to evaluate Social Security alongside CPP, OAS, RRSP and IRA withdrawals, and potential Roth conversions. Coordinating these decisions can help you build a retirement income plan that accounts for today’s spending needs and future financial security.
Watch the video here:
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Examples are illustrative. Benefit comparisons exclude cost-of-living adjustments, taxes, investment returns, and survivor changes.
DISCLOSURE
Investment advisory services are offered through RetireMitten Financial Planning, a registered investment adviser. Registration does not imply a certain level of skill or training. This video is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. The views expressed are those of RetireMitten Financial Planning and are subject to change without notice. This video is for educational purposes only and does not constitute personalized investment advice. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Any testimonials or endorsements appearing in this video were given by individuals who may or may not be clients of the firm. For more information, please refer to our Form ADV and privacy policy available at https://retiremitten.com/.