In HelloNation, Experienced Financial Planner Paula Fox Derwick of Olean, NY, Explains When to Take Social Security Benefits

OLEAN, N.Y., May 8, 2026 /PRNewswire/ -- The article examines how retirement income, taxes, and health considerations influence Social Security claiming decisions.

Should you take Social Security early or wait for a larger benefit? A HelloNation article offers practical guidance on how to approach this critical retirement planning decision. The article features insights from Experienced Financial Planner Paula Fox Derwick of Fox Financial in Olean, NY, and breaks down the key factors that influence when and how to claim Social Security benefits.

The article explains that while you can take Social Security benefits as early as age 62, doing so reduces your monthly payments by up to 30 percent compared to waiting until full retirement age. For many, that tradeoff can make a lasting difference, especially when considering longevity. The choice to take Social Security early comes down to immediate financial needs versus the long-term value of a higher monthly income.

At the same time, the article shows that delaying benefits results in an increase of about 8 percent per year after full retirement age, up to age 70. That higher amount remains in place for life, which can lead to tens of thousands of dollars in additional Social Security income over time. However, to wait, retirees must have other income sources to cover their expenses in the meantime.

Your current income and savings play a major role in this decision. If you're still working or have sufficient funds from other retirement sources, waiting may provide more financial stability in the long run. But if other income is limited, the article points out that taking Social Security early could be necessary. Each choice affects not just monthly cash flow, but also your long-term retirement planning.

Health status is another major factor the article highlights. If you expect a shorter retirement due to medical issues or family history, claiming earlier may be more beneficial. But for individuals in good health with a longer life expectancy, waiting may maximize benefits. The article stresses that while the Social Security system is designed to pay out similar totals over time, that calculation does not account for personal health or lifestyle.

The article also examines how Social Security income fits into the broader picture of managing taxes in retirement. Because benefits may be partially taxable depending on your total income, the timing of withdrawals from Roth IRA and Traditional IRA accounts can impact your overall tax burden. Paula Fox Derwick's insight underscores how coordinated planning across all income sources can lead to more efficient tax outcomes.

For married couples, timing becomes even more complex. Coordinating when each spouse begins taking Social Security benefits can affect survivor benefits and overall household income. The article notes that strategies such as having one spouse delay while the other starts early may help balance short-term needs with long-term goals.

Another point discussed in the article is how working while receiving early benefits can reduce your payments temporarily if your earnings exceed a set threshold. While withheld amounts are later added back in the form of higher payments, this detail is essential for those considering part-time work in early retirement.

Ultimately, the HelloNation article emphasizes that there is no universal right answer. Deciding when to take Social Security is a personal decision that depends on your retirement goals, income sources, health outlook, and desired lifestyle. Paula Fox Derwick's contribution provides a clear, simplified explanation to help readers weigh their options with confidence.

Should You Take Social Security Early? features insights from Paula Fox Derwick, Experienced Financial Planner of Olean, NY, in HelloNation.

About HelloNation
HelloNation is America's Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused digital publications and innovative "edvertising" approach, HelloNation delivers expert-driven, good-news content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities. HelloNation maintains partnerships with the U.S. Conference of Mayors and the United States First Responders Association.

SOURCE HelloNation