Discussion of the the main topics to consider when deciding when to start your Social Security benefits
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DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy….(read more)
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When it comes to planning for retirement, one of the most important decisions you will make is when to start Social Security. With so many options and factors to consider, it can be a daunting task. But by understanding the different factors and options available, you can make an informed decision that will best suit your needs.
The first factor to consider is your age. You can start taking Social Security benefits as early as age 62, but you may not receive the full benefit amount. Your benefit amount is based on your full retirement age, which is determined by the year you were born. If you start taking Social Security before your full retirement age, you will receive a reduced benefit amount. On the other hand, if you wait until after your full retirement age, you will receive an increased benefit amount.
Another factor to consider is your current financial situation. If you are in need of income, it may be beneficial to start taking Social Security sooner rather than later. But if you have other sources of income, such as a pension or investments, it may be better to wait until your full retirement age or even later to maximize your Social Security benefit.
Finally, you should consider your health and life expectancy. If you are in good health and expect to live a long life, it may be beneficial to wait until your full retirement age or later to start taking Social Security. This will ensure that you receive the maximum benefit amount over your lifetime.
Ultimately, the decision of when to start Social Security is a personal one. It is important to weigh all the factors and options available before making a decision. By understanding the different factors and options available, you can make an informed decision that best suits your needs.
Thank you so much for explaining! My advisor said it was better to wait but hadn’t had a chance to discuss it yet. My accountant told me to collect at 62 so as not to lose money, but I see it’s more complicated!
in looking at my social security statement it's my understanding that the projected numbers they give are contingent on me continuing to work up to that age, be it age 62, FRA, or age 70. if I retire at age 55 are those numbers overstated?
Now that you have all the Disclaimers out of the way and any potential law suites aside. Let's get this SS Video started, Pilgrim!
Claimed at 62 last year.I have been receiving my hospital pension since May 2014. I researched the Social Security benefits and a reason given for claiming at 62 is if one has minor children which I do.Claiming now opened up a benefit for my daughter .