When To Begin Receiving Social Security Income

Social Security will pay retirement income benefits as early as age 62. However, benefits can be reduced quite a bit if you choose to take your income at this first opportunity. So when should you take Social Security?

This is a hot debate recently as there are so many variables when making this decision.
 
While you can take benefits as early as age 62, another option is to hold off until your full retirement age, which allows you to receive your full benefit.
 
You can also choose to wait longer, which will allow your benefit to be increased even more.
 
So the longer you live, the better off you are in waiting until full retirement age, or even beyond that point. This will result in a greater overall benefit amount.
 
But of course none of us know how long we’ll live! For that reason, it’s important to take into account other considerations, such as the following:

• Do you need the money right away?
• Do you have other income that will result in your Social Security being taxed at a higher rate?
• Will other earnings reduce your Social Security benefit?
• Do you have a spouse that might benefit from higher income in the event of your passing?

 
Quite frankly, the questions are endless. The decision can be massive.
 
That’s why we recommend you speak with a qualified financial advisor if you need help with this decision.
 
We also suggest visiting www.ssa.gov for more information about specific Social Security benefits. This site has great tools to help you understand your specific benefits, as they’re unique to each individual. This can help you decide the best path for you and your family as far as when you should begin taking benefits.