When to Start Taking Social Security.
Discussion about when you should start taking Social Security.
Should you start at age 62...65...70?
When to Start Taking Social Security
Starting your social security benefits depends on many individual factors from birth year and whether you are affected by a disability to your current employment position and financial status. One can apply for benefits at age 62 up until the early 70s. Learning when to take social security can help make sound monetary decisions for a comfortable and hassle free retirement.
An appropriate time to withdraw your social security relies on careful assessment of regulations. Your retirement age will determine when you are able to withdraw full benefits. The normal retirement age is just above 65, but benefits are most commonly drawn between 65 and 67 years. The major advantage of waiting until your full retirement age is the higher income available than if you withdraw it earlier. If you were to take your social security at age 66 or 67 you will receive the maximum benefit, but at age 62, this figure is reduced to 3/4 of the total income. For those able to delay the period for withdrawal up until age 70 or older, you could be eligible for more than 100% of these returns. While waiting may appear to be the right choice, many factors may influence the value of this decision. The key to withdrawing your grant at the right time is determined by an assessment of individual cases and living requirements.
Taking an Earlier Social Security May Prove Advantageous in the Following Situations:
If you have been retrenched before retirement and have minimal savings until you reach your social benefit age, it makes more sense for an early withdrawal than rely on life savings.
Funds from social security to settle an outstanding mortgage or investment opportunity.
Personal factors involving life expectancy and marriage status will require very careful consideration before withdrawing funds. Consultation with an experienced and reputable financial advisor can help make informed choices for your future monetary needs and interests.
The Negatives of Taking an Early Social Security
While withdrawing your benefits earlier than the required age may prove necessary under pressing circumstances or alternative financial security, there are limitations that must be considered. Taking your social benefits below age 65 will be subject to a penalty. Any funds withdrawn up to 36 months before the normal retirement age will decrease the amount of money obtained each month. Depending on your age for retirement and when you start withdrawing, you could lose up to 25% of your total income.
The Benefits of Delaying Your Social Security Benefits
Should your retirement age be 66 and you decide to delay taking a social security cheque, you could receive a higher percentage of up to 10 percent each month in returns. The changes in lawful requirements for married couples applies specific restrictions according to spousal earnings. Learning how to achieve the maximum benefits for each partner can help better plan for retirement.
Knowing the best time to take your social security depends on individual circumstances. Learning of the options for your needs can help you make an informed decision supporting sound and effective future financial planning.
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