Social Security Optimization If You Save More Than $250,000

When you choose to take benefits will make a difference in how your income and assets play out over many years. Let’s explore some scenarios.

An older couple looks at a laptop and paperwork, looking like they're deciding what to do.
(Image credit: Getty Images)

If you have less than $250,000 saved for retirement, chances are your Social Security retirement benefits could be the main source of your retirement income. If this is true, then you may want to consider working as long as you can, or until age 70, and delay your retirement benefit so it can grow as much as possible. However, if you have more than $250,000 saved up for retirement, deciding when you should file for Social Security becomes a more nuanced question. Why? It’s because there can be a rippling effect throughout the rest of your retirement plan.

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Mike Decker, NSSA®
Author, Wealth Planner and Money Manager, Kedrec LLC

Mike Decker is the author of the book How to Retire on Time, creator of the Functional Wealth Protocol, and the founder of Kedrec, a Registered Investment Advisory firm located in Kansas that specializes in comprehensive wealth planning and management at a flat fee. He specializes in creating retirement plans designed to last longer than you™, without annuitized income streams or stock/bond portfolios. In addition to helping people achieve their financial goals, Decker continues to act as a national coach to other financial advisers and frequently contributes to nationally recognized publications.