If you’re 55 or older now, chances are you’ll receive the full Social Security benefit as it was intended. But when should you begin to take those benefits? What are you options and how do they fit into your financial planning?
Most people apply to take their Social Security benefits when they are first eligible. For most that could be a mistake that costs you in the long run. Why?
Another factor, and the most difficult to grapple with, is life expectancy and its impact on your Social Security benefits.
As part of your retirement plan, we look at the various strategies and benefits of all Social Security income scenarios related to life expectancy.
You can start collecting Social Security at any age between 62 and 70. However, if you begin at these ages, your monthly benefit is generally:
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment, tax, or legal advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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