There are a lot of rumors going around about Social Security. Some people are worried about whether it will be around when they’re ready for it, and others are unsure of when exactly to start claiming. Luckily for you, we have the answers to all your Social Security-related questions.
For starters, you can technically start claiming Social Security at the ripe age of 62 years young. However, full retirement age starts at 65 and only goes up. Depending on when you were born and how old you are when you start claiming determines how much you will make per month.
But money should not be the only thing on your mind when considering when to start. Of course, the longer you wait the better, but that may not be an option for you if your health is not where you’d like it to be or if working is no longer an option. It’s tricky, but it’s important that you consider how long you’ll live. For those of us daredevils with a death wish still riding our motorcycles at 60+, maybe we should start claiming now to ensure we are around long enough to reap the benefits.
Others of us who are more careful and maybe take better care of ourselves can hold off for a few years. If you are still getting up and going to work every day, enjoy your job, and are only thinking about Social Security because your age suggests you should start planning but there’s no need to make any decisions at this time. As long as you have enough money coming in and your health is not of concern, take your time. Enjoy life while you still can. Retire when it is right for you.
This information is general, not specific, and is only meant to give perspectives on matters discussed which may change without notice. It is not intended to be tax or financial advice. Information has been obtained from various sources believed to be reliable, but interpretations and accuracy are not assured. Please contact us for any questions you may have or to revisit your planning strategies.