Taking Social Security: Weigh These Factors to Make the Right Decision

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Figuring out when to take Social Security is one of the most important financial decisions you'll ever make. Unfortunately, there's no one-size-fits-all advice for everyone. How can you decide what's right for you?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, goes through the pros and cons of taking Social Security early or late. He notes that waiting gives you large monthly benefits, ensuring more money for you and for any survivors who are entitled to benefits on your work history. Yet Dan also points out that taking money early might have more utility for you, especially if you expect to have higher expenses early in your retirement and don't want to go through your investment reserves. Dan concludes that the decision isn't an easy one, but you can still figure out the choice that fits best with your overall financial plan.

How to get the absolute most out of your Social Security
For more insight into choosing when to take Social Security, get some extra help from our brand-new free report, "Make Social Security Work Harder For You." Inside, our retirement experts give their insight on making the key decisions that will help ensure a more comfortable retirement for you and your family. Click here to get your copy today.

The article Taking Social Security: Weigh These Factors to Make the Right Decision originally appeared on Fool.com.

Dan Caplinger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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