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Claiming Social Security Benefits–What Time is the Right Time?
That’s one of those questions that typically gets a response of, “Well, it depends.” As frustrating as that may be, it does encapsulate the point that the answer does in fact depend on some significant variables. Deciding when to claim your Social Security retirement benefits can be a perplexing project. You have an 8-year window during which you can claim benefits – starting at age 62 and ending at age seventy[1] – and the age at which you claim within that window defines how much your benefit will be. Except for annual Cost of Living Adjustments (COLA), you’ll have scant opportunity after you claim to increase your SS retirement benefit amount.
With all that aside, though, there are three very elemental mile-markers that come into play when confronting this decision point. The Motley Fool’s Maurie Backman takes a look at these key factors in a post on their website, which yo can access here.
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[1] It’s not mandatory to claim at age 70, but there’s no reason not to because you benefit stops growing at that age.