Are You Really Ready to Start Collecting Social Security? 4 Signs It Might Be the Perfect Time
Social security. It's quite the topic. There are debates on whether it will survive over the long term. There are debates over how it should work. What's clear, though, is there are advantages and disadvantages in regards to when is the ideal time to take Social Security benefits. Trying to figure out when the right time is for you? These four criteria might help you out.To make the most of your Social Security benefits, reaching your full retirement age is the ticket. Your full retirement age is the point at which you're eligible to receive 100% of your earned Social Security benefit. While dependent on your birth year, it's typically at 66 or 67 for most people right now.Why is this important? Because if you collect before your full retirement age, your monthly benefit is permanently reduced by up to 30% if you start at 62. If you've hit full retirement age and you're not planning to delay until age 70, this might be your ideal window to start.Continue reading
Social security. It's quite the topic. There are debates on whether it will survive over the long term. There are debates over how it should work. What's clear, though, is there are advantages and disadvantages in regards to when is the ideal time to take Social Security benefits. Trying to figure out when the right time is for you? These four criteria might help you out.
To make the most of your Social Security benefits, reaching your full retirement age is the ticket. Your full retirement age is the point at which you're eligible to receive 100% of your earned Social Security benefit. While dependent on your birth year, it's typically at 66 or 67 for most people right now.
Why is this important? Because if you collect before your full retirement age, your monthly benefit is permanently reduced by up to 30% if you start at 62. If you've hit full retirement age and you're not planning to delay until age 70, this might be your ideal window to start.
