Your Social Security benefits can be an important part of your retirement income - but when should you start collecting them?
You can start taking Social Security as early as 62, but your benefits will be about 30% higher if you wait until your full retirement age, which will be 67 if you were born in 1960 or later.
Your benefits will “max out” once you reach 70.
So, in deciding whether to start early or wait until later, consider these factors:
First, if you simply need the money, you might not be able to wait. But if you have sufficient income from other sources, you could delay taking your benefits.
You also might want to wait before collecting if you’re employed and you haven’t reached your full retirement age. Otherwise, you’d temporarily lose benefits if your income exceeded certain amounts.
And think about your life expectancy: If you’re healthy and come from a long-living family, you might lean toward waiting before collecting benefits.
Finally, your claiming decisions, or those of your spouse, could affect spousal and survivor benefits.
By making the appropriate choices, you can help maximize your Social Security benefits - and possibly enjoy a more comfortable retirement.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
