When should you begin to take your Social Security?
If you are able, the common recommendation from Financial Planners is to delay taking your Social Security. But, how do you do it? Well, there are various ways to supplement your income so that you are able to live comfortably.
Many choose to keep working, whereas others will take heavier draws on their IRA or other retirement sources. In repressed economy, it is difficult for anyone to find a job. It can be even tougher if you are older. Also, tapping into your retirement portfolio and other savings really stings in a down market when you are still waiting for it to recover.
However, an increasing amount of Baby Boomers in Colorado who understand the benefits of delaying their Social Security in order to maximize benefits are turning to supplementing their income with a HECM Reverse Mortgage. In a down market, rates are low. Really low! Use your “bricks and sticks” savings account (your home equity) when rates are low and as the economy improves and rates go higher, transition back into your portfolio after it has recovered. Eventually you may stop using the Reverse Mortgage but continue to have it in the background for future use.
The attached linked article has nothing to do with Reverse Mortgages, but it does do an excellent job of clearly indicating what groups should (if they are able) delay their Social Security Benefits and why.