As you age and you think about the time when you will stop working and go into retirement, there is some comfort to be had in the fact that the Social Security Administration (SSA) provides Social Security retirement benefits to those who have earned worked credits. While the SSA allows a qualifying individual to begin collecting their Social Security benefits as early as age 62, whether or not doing so is a good idea depends on your specific situation. Consider the following details regarding when you should start collecting your Social Security benefits in Munster:
As stated above, you can start claiming your Social Security benefits as early as age 62, regardless of what your full retirement age is. However, if wait until your full retirement age to start collecting benefits–which varies depending on the year that you were born–then you will be able to collect 100 percent of your benefit amount. On the contrary, if you start collecting your Social Security benefits before you reach full retirement age, your monthly benefit amount will be reduced in order to account for the additional number of months that you will be receiving benefits for. In some cases, including the case in which you do not expect to live for many more years, receiving your benefits early is beneficial, in spite of the fact that your benefit amount will be reduced.
When you should start collecting benefits depends upon your financial wellbeing, health, and personal situation. If you expect to live for a long time, which you very well may if you have no serious health complications and have a family history of long lives, waiting until you are age 70 to claim your benefits is ideal. When you wait until age 70, which is the latest age at which you may begin collecting your Social Security benefits, you can maximize your benefit amount. Just as your benefits are reduced when you start collecting them before you reach your full retirement age, so is your monthly benefit amount increased when you wait until age 70 to collect Social Security (or when you start claiming any time after full retirement age). By waiting until age 70, you could potentially receive tens of thousands of dollars more from the SSA than you would by claiming your benefits early, assuming you live well into old age.
Knowing exactly when you should start start collecting your Social Security benefits can be confusing, and if you aren’t sure what your benefit amount may look like if you start collecting at at 62 vs. age 70, or anytime in between those ages, you may have reservations about what to do. One of the best ways that you can learn more about the best time to start collecting your benefits is to attend a free Social Security workshop hosted by Harvest Social Security QA. You can register for a workshop near you online today.
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