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Key Considerations When Initiating Your Social Security Benefits - Finance.yahoo.com
Deciding when to start your Social Security benefits could shape your financial future. Turning 62 makes you eligible, but that doesn’t mean claiming now is always the best option.
Consider several factors before starting Social Security. While no one knows their lifespan, reviewing your family history can help. Starting too early, you may risk running out of retirement funds. There is a one-time, 12-month window, known as the do-over option, to cancel and repay benefits if you start too soon, but this can be costly and is rarely feasible for most people. You must pay back all the benefits you have received, including any dependent benefits.
Weigh your other retirement resources such as IRAs, 401(k)s, and savings. For married couples, note that the surviving spouse keeps only the highest benefit. Consider how much you or your spouse will depend on Social Security.
Do you need the money more now or later? Life happens, and sometimes, due to health or loss of employment, you have no choice but to take your benefits early.
Read John Rosenfield’s article on common Social Security mistakes here …
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