There’s more to consider when deciding to begin your Social Security benefits - Kiplinger

Social Security is a primary income source for most people aged 65 and older. Without Social Security benefits, 37.7 percent of older adults would have incomes below the poverty line. Social Security is the cornerstone of many retirees’ income, so timing is everything. Yes, you can start your Social Security retirement benefits as early as age 62. However, if you start receiving benefits early, your monthly benefit is permanently reduced. Or you can wait until you reach age 70, increasing your monthly Social Security benefit by 8 percent for each full year you delay receiving Social Security benefits beyond your full retirement age. The Kiplinger Advisor Collective published an article entitled “Seven Factors to Consider Before Choosing a Goal Age to Collect Social Security,” which outlines the questions you should ask yourself before you start your Social Security benefits. Read the article here…

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