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When Should you Turn On Your Social Security Benefits?

Determining the best time to begin receiving Social Security benefits is a complex decision. Some say you should claim your benefits ASAP, while others say wait until 70. The bottom line: What works for someone else might not work for you.  Each individual's situation can vary based on a variety of factors, making personal consultation crucial.

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Before deciding when to take Social Security benefits, carefully consider your timing. Starting too early might mean missing out on potential additional benefits, while waiting too long could force you to deplete other assets that would have been better left to grow. Balancing these factors is crucial to optimizing your financial situation.

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Deciding when to take Social Security is a highly personal decision that heavily depends on your unique circumstances. You have the option to start collecting benefits based on your work history as early as age 62 (or sooner if you're disabled), wait until your full retirement age, or delay the benefits until age 70. If you're a survivor of another Social Security claimant, you can begin receiving benefits based on your earnings as early as age 60.

 

However, the earlier you claim benefits, the smaller your monthly check will be. You'll want to consider whether you want more but smaller checks, or fewer but larger checks when deciding when to claim Social Security.  Those funds sooner rather than later might sound appealing, but is it truly the best strategy for you? The answer hinges on several key factors, including:

  1. Your Life Expectancy (current health) . . .  

  2. Your Marital Status . . . 

  3. Your Level of Qualified Income . . . 

  4. Will You Work Between Age 62 & Your Full Retirement Age?

  5. Other Sources of Income During Retirement

  6. Financial Needs

Take our 60-Second Quiz and  Learn How Much You Really Understand About How Social Security Works! 

Plus, Receive a Free Copy of 2021 Social Security Claiming Guide & How Each of These Components May Impact You & Your Family.

Just One of These Factors Can Have a Huge Impact! 

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You Decide When to Begin Receiving Your
Social Security Benefits

The decision of when to start receiving your Social Security benefits is entirely in your hands. Whether you choose to begin as early as age 62, wait until your full retirement age, or delay until age 70, the timing will significantly impact your financial future. Each option comes with its own set of advantages and trade-offs, influenced by factors such as your health, income needs, and long-term financial goals. By taking the time to evaluate your unique situation and possibly consulting a financial advisor, you can make an informed choice that best supports your retirement lifestyle and maximizes your benefits.

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