Boomers, Markets & Money

A Down-to-Earth Discussion of Financial and Lifestyle Information for Baby Boomers

Resources to Help You Decide When to Take Social Security

4 Comments

At What Age Should I Take Social Security Benefits?

At What Age Should I Take Social Security Benefits?

Are you confused about what age you should begin taking Social Security? I came across an article that clearly and efficiently summarizes information about the pros and cons of taking Social Security benefits at various ages. At the end of the post, I include links for other resources.

The article is “When Should You Take Social Security?” by Rande Spiegelman, CPA, CFP at the Schwab Center for Financial Research. It is a bit long but I like the article because:

  • There’s a handy table letting you know “When can you get your full Social Security benefit?” by birth year. Retirees born in 1937 or earlier received full benefits at age sixty-five. If you were born in 1938 or later, the retirement age to receive full benefits gradually increases. People born in 1960 or later must wait until age 67 to receive full benefits.
  • It gives specific figures on how much you will be penalized by the amount of months you retire before your “full retirement” age. It also let you know how much your monthly benefit will increase by the amount of time you delay in taking the check later. You don’t receive additional benefit for delaying past age 70. That shouldn’t be a problem for most people because over two-thirds take their Social Security benefit early.
  • The article gives a list of factors to consider when making this decision.

Here are a couple of other links:

  • U.S. Social Security Administrations benefit estimator
  • Kiplinger’s has an index of articles on Social Security topics. “10 Things You Must Know About Social Security” covers a lot of the same information as the article above as well as some additional tips. Another short article that you might find helpful is “How to Check Your Social Security Statement Online.

Author: financeboomer

Boomers, Markets & Money is a down-to-earth discussion of financial and lifestyle information

4 thoughts on “Resources to Help You Decide When to Take Social Security

  1. This is such good, pertinent information. A real service to people reaching that age.
    Ruth

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