MASON CITY, Iowa - Trying to decide when to cash out your retirement funds can be a tough decision, and it could be a pricey one too. More than 500,000 Iowans are cashing out their social security checks. But, before doing that, you need to do some research. You should consider whether you plan to work after retiring. Sara Carlsson, a financial advisor with Edward Jones, says something else to consider is your family’s health.
“You also want to think about longevity in your family, because it can play a big factor into your total benefit over a lifetime. So, if you have longevity then you may want to wait a little bit longer,” said Carlsson.
Carlsson says more than 70 percent of your social security check is what many live off, once they are retired.