Finding patience in a firestorm is very hard…I’m quoted in an article today about Social Security. The “story of the day” is the funding of the US entitlement programs. People, this is old news….nothing is really different. These results were expected by the specialists and experts running the program.

Yes, the system will need to change. The key issue for you is ”what is your plan related to Social Security?” Many people see the media spin on all the negative news and take benefits early thinking they will “take their money and run.” I suggest this might make sense for some, but a thoughtful evaluation might result in a different strategy for you.

The system is not likely to impact or change over night given the complexity, the fact the government can’t move quickly to implement anything, and finally the political fallout. All the experts say near-term retirees should use the current rules to evaluate their options related to Social Security.

There is no contesting that you can find a lot more money by creating an strategy to pull your benefits out of the system in a smart way. We have shown this in the leading academic journals with our research.

I conclude by admitting that I am not a very patient person. And, in an environment of “fear” it is easy to make rash financial decisions. Don’t do it. It could cost you dearly. Hire an expert to help you see how to take your Social Security and integrate it into your financial plan.

Finally, if you have a component of delay in how you take your benefits, watch the news over time. We have developed a system to do this for you and notify you about impending change and the impact to your plan. Let your advisor “watch out for you.”

So, run your numbers and get informed about the recent news. But, don’t overreact or be emotional as you might leave a lot of money on the table.