There are lots of things to consider as you plan for retirement, and a key consideration is when to start collecting Social Security. We are here to help you assess your options. With the flexibility to begin at 62, the timing of your application can impact your lifelong benefits.
Consider your current income and employment status. Are you still working, and for how long? Can you afford to delay Social Security for greater benefits later?
You’ll also want to evaluate your retirement savings. Social Security typically covers only a portion of retirement income, which is something to consider when thinking about whether your savings are sufficient to support your lifestyle.
Remember, the optimal age varies depending on factors such as where you live and your retirement goals.
Join us as we navigate through these important considerations to help you make the best decision for your financial future. For more information, visit aarp.org/socialsecurity.
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*CHAPTERS*
00:00 Collecting Social Security
00:23 What to Consider When Applying for Social Security
01:43 How Age Impacts How Much Social Security You Can Claim
02:38 How to Maximize Monthly Payments
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Social Security is a vital source of income for many Americans in retirement. However, the age at which you start collecting Social Security benefits can have a significant impact on the amount of money you receive each month. So, what is the best age to start collecting Social Security?
The earliest age you can start collecting Social Security benefits is 62. However, if you choose to start collecting benefits at this age, your monthly benefit amount will be reduced. The full retirement age, which is the age at which you can collect your full benefits, is currently 66 or 67, depending on the year you were born.
If you choose to collect benefits before your full retirement age, your monthly benefit amount will be permanently reduced. On the other hand, if you delay collecting benefits past your full retirement age, your monthly benefit amount will increase. In fact, for each year you delay collecting benefits past your full retirement age, your benefit amount will increase by a certain percentage, up to age 70.
So, what is the best age to start collecting Social Security? The answer to this question depends on a variety of factors, including your health, life expectancy, financial situation, and other sources of retirement income.
For those who are in good health, delaying Social Security benefits past their full retirement age can be a good strategy. By doing so, you can increase your monthly benefit amount and potentially receive larger total benefits over the course of your retirement.
On the other hand, if you have health issues or a shorter life expectancy, it may make sense to start collecting Social Security benefits early, at age 62. While your monthly benefit amount will be reduced, you may end up receiving more total benefits over the course of your retirement if you start collecting benefits earlier.
Ultimately, the best age to start collecting Social Security will vary from person to person. It’s important to carefully consider your individual circumstances and consult with a financial advisor to determine the best strategy for maximizing your Social Security benefits in retirement.
To receive social security how many years one must work and pay tax if anyone who came to America 10 years ago?
Give it back or go to jail
Im taking early retirement in 6 years at 62. Im also saving and investing. No, i will not tell SS about my investing. No, my investment is not on paper nor is it paper. My investment is untraceable. I paid in enough, not paying no more. Good luck people.
can you walk me through safest way, as well as right time and steps to apply before turning 65 to avoid penalty
Hubby took it at 62.He did 21 in army and 21 building autos…just getting out of car was getting difficult after 8 to 10 hour day and hour commute.If ya sit at a desk…yeah work till 67..but if physical job…its rough
Many of us will need or want to work as long as we can.
The best age is asap before it goes belly up and you get nothing.
If you don’t need it, then invest it. I’ll be filing at 8am on day 1 as the U.S. govt has literally never been more bankrupt than it is at this instant.