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Are you Single? Thinking about when to start your benefits? Here are some things to think about.

As a single person, your Social Security benefit is based solely on your lifetime earnings, and no help from a spouse. It is very important that you determine how heavily dependent you will be on your Social Security benefits.

For anyone born in 1960 or later, claiming benefits at 62 would reduce the monthly amount to 70% of the full retirement age (FRA) amount. Waiting until age 67, in this case, would provide 100% of your FRA benefit, while waiting until age 70 would give you 124% of your FRA benefit.  Under current law, your Social Security benefit grows 76% between the ages of 62 and 70.

You should consider things such as your health, life expectancy, no one knows how long they are going to live, but look at your family history. As a single person, depending solely on yourself, delaying your benefits as long as you can may be your best decision. When to start your Social Security benefit is a personal decision that only you can make. Please make it carefully, it is a decision that will affect the rest of your life. For more information, read the article by Diego Perez Morales …click here

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