When it comes to planning for retirement and knowing when to take Social Security, there are many opinions about which option works best.

This is true not only for the age we claim benefits, but the process we use to calculate our needs in retirement. As explained here by John Rekenthaler by way of Morning Star, breakeven analysis can be helpful.

Essentially, you’ll use data provided by the Social Security Administration (SSA) to calculate your median lifespan and the financial needs that come with it. This makes it easier to plan ahead. You can factor in how much you’ll need for retirement, and leave yourself a little extra just in case.

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