When Is The Best Time to Claim Your Social Security Benefits?

12:22 pm Uncategorized

When the economy went down, many Baby Boomers’ anxiety levels went up about having enough money to retire.  For many, it has been tempting to start receiving benefits early to make up for lost income, especially if you are older and unemployed.

However, statistically, it is far better for you to wait until the maximum retirement age before you file to claim your benefits.  Don’t know what your max retirement age is?  Use this handy Social Security website calendar to get your calculation, based on your year of birth.

For example, if you were born in 1950 and think you want to start receiving your benefits at the earliest possible age (62), you will only be entitled to 75 percent of your benefits.  If you wait another 4 years and file for benefits at the age of 66, you will receive 100 percent of your retirement benefit.

For married couples, there are some more sophisticated strategies to consider to collect early Social Security and still enjoy the maximum available benefits.  This CBS Moneywatch column does a pretty good job of spelling those out in layman’s terms.

An even better source of information:  your California estate planning attorney, who can help you with the big picture when it comes to retirement, not just one piece of the puzzle.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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