Our financial professionals are certified to help you answer that and find the most effective Social Security claiming strategies available. Whether you are single, married, widowed or divorced, we can help inform you about this powerful benefit and understand its many nuances, including tax consequences.
Timing Really Is Everything
Did you know that you can begin taking Social Security benefits at age 62 — long before full retirement age — but if you do, those benefits will be permanently reduced?
So, what is full retirement age? Well, it varies. For anyone born between 1943 and 1954, full retirement age is 66. Beginning with those born in 1955, however, an additional two months is added to the full retirement age for each year through 1959. Finally, if you were born in 1960 or later, full retirement age is 67.
How It Works
To apply for Social Security benefits, applicants must be at least 61 years and 9 months old. Benefits generally start the month after they are due. In other words, if you are eligible for a benefit in January, your first check should arrive in February.
The Social Security Administration advises applicants to apply for benefits no more than four months before they want their benefit to start.
Make the most of Social Security
Although Social Security isn’t designed to cover all of your income needs, it’s an important part of the retirement puzzle. In this 16-page guide, you’ll learn:
- How to optimize Social Security for your situation
- Why timing is so important when it comes to your benefits
- Ways to supplement your Social Security income
Want To Learn More?
For more information about Social Security and how it should fit into your retirement plan, or if you have any financial questions, set up an appointment with us today.