Centerpoint Wealth Strategies

09/01/2026

Does a term life insurance policy that can be converted to permanent life insurance as your protection needs change make sense for you and your loved ones?

A term life policy can be converted to permanent life insurance as protection needs for you and your loved ones change

08/31/2026

If you’re a business owner, there comes a time when you think of handing over the reins to someone else. Are you ready — and is your business ready — for that change? It’s never too early to start strategizing succession and transition plans. Here ar

With proper preparation, you can position yourself, your employees, and the business you’ve built for continued success.

08/28/2026

This video asks the right questions about how you can save money for retirement without sacrificing your quality of life.

Asking the right questions about how you can save money for retirement without sacrificing your quality of life.

08/27/2026

What would you do if your beloved dog caused some damage where a mere apology wasn’t enough?

Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs.

08/27/2026

When Should You Start Taking Social Security?

When it comes to claiming Social Security benefits, the options you have are varied and complex. You can begin collecting a reduced monthly benefit as early as age 62. If you wait until age 67, you get your full benefit. But if you wait until age 70 to claim your benefit, you get substantially more in each check.1

So, what's the smartest thing to do? Discuss it with your financial advisor.

While it might seem a simple choice, when to begin your Social Security benefit is a decision that will potentially have a major impact on your finances throughout retirement. And it's important that you think through every option as you consider what's best for your unique situation.

For years, economists and finance professors have been saying that everyone should wait until age 70 to begin taking Social Security.2 According to accepted calculations, collecting it earlier would be leaving money on the table.

But more recent analysis has shown that deferring your benefit until age 70 might not make sense for many people.

As mentioned above, you can begin taking Social Security at age 62 with a reduced benefit. If you wait until age 67, you can collect your full benefit (calculated from your 35 highest earning years). And each year you delay until age 70 increases your monthly benefit by 8%. In each case your benefit level remains the same for the rest of your life.

Waiting until age 70 will net you the most in total benefits, but only if you live well past the average lifespan. Also, while you are waiting for your higher benefit, you would need to be able to live without that monthly income.

And then there's life stage to consider. When you're in your sixties, you're more likely to be able to travel and enjoy other activities compared with your seventies, so you might want the income earlier.

But despite the apparent simplicity, it's a complex decision. Andy Markowitz and Phil Pruitt, writing for AARP, sum it up well. "The question of when you can claim benefits is separate from a more important question: When should you claim benefits? The answer is complicated and depends on your job situation, family circumstances, and financial and physical health."

It's good that we have options when it comes to taking Social Security. To make sure you choose the timing that's best for your unique situation, talk with your trusted advisor. Not only is he or she knowledgeable about claiming this important benefit, but they can help strategically integrate it with the other moving parts of your overall financial plan.

Even if you're years from retirement, it's prudent to think ahead about Social Security.

Sources:
1.
2. https://www.financialplanningassociation.org/learning/publications/journal/FEB24-it-may-be-mistake-delay-social-security-retirement-benefits-OPEN

The earliest you can start receiving retirement benefits is age 62. The soonest you can apply is when you reach 61 years and 9 months of age.

08/26/2026

What role would taxes play in your investment decisions? Find out in this message.

What role would taxes play in your investment decisions?

08/25/2026

The top sources of stress for working Americans are all money related. Working with a financial professional can help you stay calm and financially confident.

Money-related issues are the top sources of stress for US adults. Working with a financial professional can help

08/24/2026

Trump Accounts (Section 530A): A New Way to Save for the Next Generation What Is a Trump Account? A Trump Account is a tax-advantaged investment account available for U.S. children under age 18 that has a Social Security Number....

You may have heard about the new Trump accounts. Are they beneficial for everyone or what is the high level understanding so I can learn more. Check out our blog post on

08/24/2026

How familiar are you with the Federal Reserve? Here is a quick history.

Here is a quick history of the Federal Reserve and an overview of what it does.

08/21/2026

How much does it really cost to own a home? It may be more than you think. Read about the hidden costs of home ownership.