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When to Claim Your Social Security - Motley Fool
The question we are most frequently asked here at the AMAC Foundation’s Social Security Advisory Service is “when should I claim my Social Security benefits?” That’s not surprising, considering most people will rely on Social Security as a major source of their retirement income, and nearly everyone wants to “maximize” their monthly amount. But rather than “maximize,” what most people really want to know is when is the optimum time to claim, considering their personal circumstances. Fact is, there is an 8 year window during which SS benefits can be claimed, and how much you get is largely influenced by your exact age when your benefits start. Benefits claimed earliest at age 62 will be cut by up to 30% from the amount received by claiming at full retirement age (FRA), and benefits claimed at age 70 can be up to 32% more than the FRA amount. The difference between claiming at 62 vs. claiming at 70 is major – monthly payments are about 75% higher at age 70 than they are at age 62 – but life’s realities often get in the way of truly maximizing SS benefits by waiting until 70 to claim. So, the answer to the question about when to claim Social Security is always “it depends” – on your financial need, your health and life expectancy and, perhaps, your work status and marital status. The important point is to carefully consider all of these factors, as explained in this Motley Fool article by Katie Brockman.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…