Deciding when to begin your Social Security benefits is a choice that will impact the rest of your life. - MSN.com
Starting Social Security benefits is an important decision. Consider all relevant factors, particularly your life expectancy. While no one can predict their lifespan, reviewing your family history may provide helpful insight. Average life expectancy continues to rise, and current data is available at SSA.gov Assess your health, family history, and lifestyle factors such as smoking, alcohol use, and driving habits. These elements can help you estimate your remaining years and guide your decision on when to begin collecting benefits. Although life expectancy is uncertain, it remains a key factor in retirement planning.
If you are married, the timing of your Social Security benefits affects both you and your spouse, so it is important to decide together. You may begin benefits at age 62, but this results in a permanent 30% reduction if your full retirement age (FRA) is 67. Waiting until your FRA provides your full benefit, while delaying until age 70, increases your benefit by an additional 24% through delayed retirement credits. Overall, your benefit can grow by 76% between ages 62 and 70. If you are in good health and expect a longer lifespan, waiting may be advantageous.
Maurie Backman has written an article on things to consider when starting your Social Security benefits. There are also things you can do if you decide you made a mistake and filed too early. To read the full article, click here…
If you have additional questions about Social Security, please get in touch with an advisor at the AMAC Foundation. You may email your questions to ssadvisor@amacfoundation.org or call and speak with an advisor at (888)750-2622.