Social Security

Make an informed decision on Social Security

Social Security is an important source of guaranteed retirement income. It plays a significant role in establishing an income stream you can’t outlive. A bit of planning before you claim may help you increase your benefits.

When is the right time to claim?

The timing around when you start to collect Social Security does impact your monthly benefits check. Here are some basics:
  • Claiming early. You can start collecting Social Security beginning at age 62, and nearly half of all retirement benefit recipients do it. However, if you claim at this age, your benefits will be reduced by 25%. For example - If you are eligible for $1,000 per month at full retirement age, at 62 you’ll get $750.
  • Claiming at full retirement age. Your full retirement age is between 65 and 67, depending on the year you were born. At this age you can collect full retirement benefits, even if you are still working.
  • Claiming late. You must claim Social Security benefits by age 70. If you can hold off collecting until this age, you can earn delayed retirement credits that pay off in 32% monthly benefits increase. If you are eligible for $1,000 per month at full retirement age, at 70 your monthly benefit would increase to $1,320.
Source: Based on Social Security Administration calculations.
Analyzing Social Security claiming strategies in context of your overall income plan can help you identify a suitable approach for you. Talk to your advisor for more details.
This information is designed to help you understand and evaluate some common Social Security claiming options, and their impact on estimated benefits payable during your lifetime, and if applicable the life of your spouse or surviving spouse. It is provided for general information and education purposes only. It does not address all potential claiming strategies and, as a result, not all potentially relevant claiming strategies may be represented in the report based on your unique situation. You are solely responsible for selecting and implementing a Social Security claiming strategy.

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