How Recent Stock Market Volatility Could Impact Your Social Security Filing Decision
The past couple of weeks have been intensely volatile for the stock market, and with COVID-19 fears continuing to abound, it's hard to say when things might stabilize. The best way to protect your investments during this time, including your retirement savings, is to leave them alone and wait things out. After all, you only take losses on investments when you actually sell them when they're down.
But about your Social Security benefits? Should the market's recent downturn influence your filing decision?
You may be inclined to rush to claim Social Security as you see your retirement savings balance fall. Such is the plan for 25% of older Americans, who say they'll consider claiming benefits early if the stock market keeps declining, according to SimplyWise, a retirement income technology provider. On the other hand, 44% say they'll specifically delay their benefits and continue to work if the stock market drops at least another 10%.
Source Fool.com
