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Deciding When to Start Your Social Security Benefits - MSN.com
Deciding the right time to start your Social Security benefits is a personal decision only you can make. Everyone’s situation is different. Only you can decide the right time to start receiving your Social Security. If you are married, it’s a decision that should be made with your spouse.
It is one of the most common questions asked: “What is the best age to start receiving my Social Security benefits?” There is no one “best age.” You need to make your decision based on your individual and family needs. One of the first things you should consider is your life expectancy. No one knows how long they will live; look at your family history. Some things to consider are your finances, pensions, 401ks, savings, etc., your health, and health insurance, as you don’t become eligible for Medicare until 65. You should also take your survivors, such as your spouse.
It is also important to know your full retirement age (FRA). The FRA for anyone born in 1960 or later is 67. Should you take it at age 62, which results in a permanent 30% reduction, or delay starting until age 70, which is a 24% increase, depends on your personal needs. This is a decision that will affect the rest of your life; take the time to consider it carefully. For further information to help you determine when to start your Social Security benefits, click here to read the article by Sarah Sharkley.
If you would like to speak with an AMAC Foundation Social Security Advisor, call (888)750-2622 or email ssadvisor@amacfoundation.org
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