Delaying Your Social Security Payments Might Be Worth the Wait

Posted by Medicare Made Clear Tue, Apr 10, 2018 @ 09:00 AM

What is the best age to start receiving social security retirement benefits? The “best age” is different for everyone.

Your monthly benefit and lifetime benefit amount will depend on what age you begin collecting them. Here is an example from the Social Security Administration. Let’s say your full retirement age is 66 and your full retirement amount is $1,000 a month. You will get $750 a month if you start collecting at age 62. You will get $1,000 a month if you start collecting benefits at age 66. If you wait until after age 66 to start collecting benefits, your benefits will increase by as much as eight percent for each year up to age 70. In this example, if you started collecting benefits at age 70, you would get $1,320 a month for the rest of your life.

Social Security benefits last as long as you live. So, it’s just as important to research Social Security as it is your Medicare benefits. Social Security provides valuable protection against outliving savings and other retirement income.

Below is a list of things that may help you decide at what age to start getting benefits.

• Your current cash needs
• Your health and family longevity
• Whether you plan to work during retirement
• Whether you have another income source
• Your expected future financial needs and obligations
• The amount of your future Social Security benefit

Get benefits while working

You can also get Social Security retirement or survivors benefits while working. If you do, it could mean a larger benefit amount for you in the future. Higher benefits can be important to you later in life when you need the extra income.
If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, you can still get Social Security benefits, but part of your benefits may be withheld. However, if you worked and had benefits withheld, your benefits will be increased once you reach full retirement age.

Deciding when to start collecting your Social Security benefits is a personal choice. If you have questions, talk with trusted family members, friends, a financial advisor or the Social Security Administration.

Check out the Social Security Benefits Estimator for estimated payments based on your earnings.

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