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Deciding when to take Social Security benefits depends on several factors, such as your financial situation, health, life expectancy, and work plans. Here are a few considerations to help guide your decision:

1. Full Retirement Age (FRA)

  • For people born between 1943 and 1954, full retirement age is 66. For those born in 1960 or later, it is 67.
  • If you wait until FRA, you’ll receive your full Social Security benefit.

2. Taking Benefits Early (As Early as Age 62)

  • You can start receiving benefits as early as age 62, but your benefits will be reduced (typically by about 6-7% for each year before your FRA).
  • This might be a good option if you need income sooner or have health issues that could shorten your life expectancy.  Read More

 

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Free Life-Changing Retirement Planning SEMINAR

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West Pearland Library

September 16th at 7:pm

 

What Topics Will Be Covered?

Lifetime Annuities

How to create lifetime income that can grow over time.

Social Security

How to avoid paying taxes on your social security benefits.

Investment Protecion

How to protect your investments from market downturns.

Growth

How to get stock market like growth without the risk.

Inflation

How to keep up with inflation during retirement.

Already retired?

 Learn how to make your retirement income last a lifetime.

 

Reserve Your Seats Now

Dr. Barbara Walker Green

CEO of Advanced Wealth

3. Delaying Benefits (Up to Age 70)

  • If you delay taking Social Security beyond your FRA, your benefit increases by about 8% per year up to age 70.
  • This could be beneficial if you expect to live longer and can afford to wait for larger payments.

4. Work and Social Security

  • If you plan to keep working and you claim Social Security before your FRA, your benefits could be reduced based on how much you earn.
  • Once you reach FRA, there is no reduction in benefits no matter how much you earn.

5. Life Expectancy

  • If you expect to live a longer-than-average life, delaying benefits may make sense. If you have a shorter life expectancy, taking them earlier could provide more value.

6. Spousal Considerations

  • If you’re married, coordinating with your spouse’s benefits is important. For example, delaying one spouse’s benefits could increase survivor benefits for the other.

In general, the best age to claim Social Security varies depending on your unique circumstances. Consulting a financial advisor or retirement planning specialist can help tailor this decision to your situation.