Now or later? It’s up to you when to collect Social Security
When should you begin collecting Social Security benefits? On the one hand, some people believe in collecting what is rightfully theirs as soon as they can — and if a spouse has lost a job or is no longer able to work, that makes sense.
On the other hand, those who delay their benefits until age 70 will collect as much as a third more each month. A retiree who would receive $1,000 a month at full retirement age would collect just $750 at age 62 — or $1,320 a month at age 70, The New York Times explains.
Those born from 1943 to 1954 are eligible to receive benefits at age 66. “For people who choose to defer benefits until age 66, it generally takes about 12 more years to collect as much as if you started getting checks at 62,” according to the Times article, meaning that the “break even” age will be 78.
In a way, financial planners say, deciding how to time the start of Social Security benefits depends upon whether people plan for a long life — and that is, of course, what they recommend.
Still working? That will influence the decision as well. AARP explains the limits of how much workers can earn and still collect benefits.
For more information:
AARP.org: Social Security Benefits
Social Security Retirement Benefits Estimator
And — for fun — if you want to know, that is:
We want to hear from you. How will you determine when to collect Social Security benefits? Please share your thoughts below.
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