When Should I Take Social Security Payments?

March 05, 2024
A common question we receive often regards when the best time is to claim social security benefits. Planning your retirement involves careful consideration and is very personal. Here are some key factors to keep in mind:
• Full Retirement Age (FRA): Know when you reach FRA—claiming early at age 62 reduces payments, while delaying past FRA (usually age 66-67) increases them.
• Life Expectancy: Balance between claiming early for more years of benefits and delaying for higher monthly payments, especially considering your health and family history.
• Spousal Benefits: Maximize benefits by coordinating with your spouse, leveraging potential spousal benefits based on their earnings history.
• Work Status: Understand how continuing to work affects benefits and explore strategies to minimize any reduction.
• Financial Needs: Assess your financial situation carefully; while early claiming may be necessary for income, delaying can provide more security long-term.
There's no one-size-fits-all approach to claiming Social Security benefits. It's essential to evaluate your unique circumstances while setting up this important pillar in your retirement income.

Important Information

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

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