Should You Apply for Social Security Benefits at Age 62...
or Later?
Thursday January 8, 2009
One of the biggest questions facing Americans planning for retirement is when to apply for Social Security benefits. Do you apply as soon as you are eligible and take reduced benefits for life, or delay your benefits for a few years to ensure a bigger Social Security check each month? The answer varies from person to person because it depends on individual issues including your likely longevity, and how long you plan to keep working. The Social Security Administration offers a handy "break-even age" calculator that helps you determine whether it's best to apply for Social Security benefits as soon as you reach age 62...or wait a few years. Photo by Silverstock/Getty Images
I can’t begin to tell you how times I’ve been asked this question. The calculator is a great tool to refer people to.
Go for soc. sec. as soon as you can get it. That is what I did….at age 62.
Yes, I am still working very hard every day as a realtor….but that ss check is what I have earned at other jobs over the last 35 years and I want to get my benefits now….
Comments?
Carole
If you’re not working and don’t plan to work after age 62, you should always start your benefits at age 62. It’s a slam dunk decision. Why? Because you can always reset your benefits at a higher amount later (age 66 for example) by simply repaying what you’d received. Of course, you need to have the assets to be able to do that, but if you’re already debating whether to take benefits at age 62 or not, then I assume you’d be able to plan accordingly.