Decide When to Take Social Security to Maximize Benefits

When should you start taking benefits? This is one of my most-asked questions about Social Security and the decision is one of the most important ones you’ll make.

In this video, we’ll discuss when to take Social Security.

You can also read the article version below:

*If you start taking your retirement benefits at your full retirement age, you’ll receive your full benefit amount. If you take them before you reach full retirement age, your benefits will be reduced. A third option: you could keep working beyond your full retirement age and your benefit will increase when you do start taking benefits or reach age 70.

Full retirement age differs depending on the year you were born, but ranges from 66 to 67. If you are at full retirement age now and start taking benefits, Social Security would replace as much as 78 percent of your pre-retirement income if you are a low wage worker, about 42 percent if you’re a medium earner, and about 28 percent for high earners.

Percentages are lower if you take benefits early and higher if you take them late.

If you plan to retire early, you can start drawing reduced benefits when you’re 62.

Our goal is to assist you in maximizing your Social Security benefits, coordinating them with your spouse’s, and filling the gap between your benefits and overall retirement-income needs.

https://www.retirementadvisers.net/contact

* https://www.ssa.gov/pubs/EN-05-10024.pdf

Branch Address: 195 Park Ave, Worcester MA 01609 Branch Phone Number 888-637-3847

Securities offered through Client One Securities, LLC Member FINRA/SIPC. RetirementAdvisers.net and Client One Securities, LLC are not affiliated.