On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Financial Planning Manager Brittany Yudkowsky to discuss Social Security, acknowledging its relevance due to heightened public interest during an election year.

Here are some key takeaways from their conversation:

-  Many Americans fear Social Security may not be available in the future, thereby considering taking benefits early.

-  They examine taking Social Security early, including reduced benefits and penalties for earning above certain thresholds before full retirement age.

-  Chris and Brittany discuss the break-even analysis, a calculation used to determine the age at which the total benefits received if one delays Social Security surpass the total benefits received if one starts them earlier. This analysis helps individuals decide the financially optimal time to start collecting benefits based on their expected longevity. 

- Before jumping to conclusions and letting fear drive your decision to take Social Security early, it is important to have intentional conversations with your advisor/planner to see what makes the most sense for you.