When Should You Take Social Security? At Age 62? 66? 70?

Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho

If you want the maximum Social Security benefit, you may want to wait.  When Social Security benefits are started at age 62, you will receive about 75% of your full monthly retirement benefit.  If you wait and take it at full retirement age (which is currently 66) you will receive 100% of your benefit.  If you can put off collecting Social Security until age 70, you will receive 132% of the benefit for the remainder of your life.

Financial choices are complex.

I recommend you talk with your Certified Public Accountant or financial planner to help make the best choice for you and your family for when to begin receiving your Social Security benefits.

For example, there may be circumstances when it is best to take the benefit starting at age 62.  Those could be:

• You are unemployed and are having trouble finding work.
• You are working part-time and need additional income
• You don’t need the money but want to collect your funds to invest in something else
• You are single
• You don’t need to maximize the Social Security income for your spouse
• You have a short life expectancy.
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What is the answer? Get professional help before deciding, so you make the choice that is best for you.