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Why Should You Begin Social Security Benefits?

When Should You Begin Social Security Benefits?

You may wonder if it is best to take Social Security benefits as soon as you are eligible or if you should wait. If you take your benefits early, the monthly amount will be smaller. If you wait, your payment will be larger but for a smaller period of time. The answer regarding what’s best for you will depend.

Factors that can help you find the best personal solution are your current health, current cash needs and family longevity. It is also important to examine other sources of income in retirement such as work income and other assets you may have.

If you wait until your full retirement age (FRA) you will receive a higher amount for the rest of your life.
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If you begin your benefits as early as age 62, the monthly amount you receive will be reduced, usually permanently. The difference in monthly benefits between age 62 and age 67 could be hundreds of dollars per month. It is important to make an informed decision.

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In order to choose the best option, consider meeting with one of the CERTIFIED FINANCIAL PLANNER™ professionals for a complimentary consultation. They can help you consider all the factors that will ensure you make the decision that’s best for you.


Retirement Income Calculator

You’re working hard, you’re saving for retirement and now you want to see how much your savings will earn you when you finally retire. Find out what your retirement income could be based on how much you have saved.