I recommend to clients and prospects that they wait as long as possible to begin receiving Social Security benefits. There are exceptions to this strategy based on individual circumstances, but unless you and your family are impacted by those exceptions, I'd wait it out if possible.
The Social Security website allows you to run illustrations specific to your circumsatnces. It would be worth a visit to the site or to your nearest Social Security office as the first steps in seeking answers. I also encourage you to find a fee based financial advisor to lay out a toal game plan as soon as possible.
Not only is SS a fixed amount, but the increase in benefits is 8%/yr for every year you defer beyond your full retirement age. There is always the chance that your 401k could outpace that, but I'd take the guaranteed 8% that's backed by the US government. There are several other strategies that can help you maximize your SS benefit, I'd recommend talking to a specialist.
For informational purposes only. Not to be considered investment advice.
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