Social Security Brief Introduction Social Security is approaching its 80thanniversary in 2015. The Social Security program was established to provide the base of financial protection for working people and their families when earnings are lost due to retirement, disability, or death. In addition, to the workers benefit, Social Security benefits may be paid to the spouses and children of workers. Benefits are an earned right, and they maintain their value with automatic annual cost-of-living increases. Social Security is the largest source of income for the majority of people age 65 and over. Social Security was not intended to be the only source of income when earnings are lost due to retirement, disability, or death. The program is designed to encourage people to build additional financial protection through pensions, savings, investments, life insurance, and other sources. When should I apply for Social Security? This is the biggest question facing baby boomers. Anyone approaching age 62 is wondering: Should I apply for benefits as early as possible and grab as much as I can as soon as I can? Or should I delay benefits until age 66 or even 70 in order to receive the higher amount. The answer depends in part on your situation and your plans. If you’re not working and have few resources, and/or longevity is a significant concern, you may have no choice but to take Social Security early. If you are still working in your primary occupation, it probably doesn’t make sense to apply for early benefits because some or all of your benefits will be withheld. The when-to-apply question should really be considered in the context of your overall financial plan. Which strategy will give you the highest income later on, when you are likely to need it most? Attitude Financial Advisors, Inc. utilize comprehensive planning calculators to show you your projected income stream based on the various claiming ages and strategies to help you make the decision that is right for you. To learn more about Optimizing Social Security Benefits we encourage you to contact us for a no obligation consultation.