Your first step in maximizing your Social Security benefits should be to visit the Social Security Administration (SSA) website.
GET YOUR SOCIAL SECURITY ESTIMATES
The SSA website provides estimates for how much you'll collect if you start receiving benefits at age 62, your full retirement age (FRA) (between 66 and 67), and age 70. Remember that you don't have to start taking your benefits at those milestone ages; you can start collecting anytime between ages 62 and 70.
Before you plug your Social Security estimates into your retirement plan, be sure to adjust those estimates if any of these factors apply to see how much you might actually end up with.
Working while you collect Social Security may temporarily reduce your benefits
You may pay federal & state taxes on your payments
As you consider the right time to start collecting Social Security, remember that if you decide to delay, you can revisit that decision as often as you'd like.
Anyone who's paid Social Security taxes for at least 10 years can start to receive retirement benefits as early as age 62 based on his or her earnings record.
Collecting Social Security at 62 has some advantages. For example, you may be ready to retire and counting on Social Security as the cornerstone of your retirement plan. After all, if you've paid Social Security taxes for 10 years, then you're entitled to Social Security benefits.
If you have serious health problems or a family history that suggests you may not live long enough to profit from waiting, collecting early might make the most sense for you.
On the other hand, the earlier you start to collect, the less you'll receive each month. But if you start to collect and then change your mind, you have 2 options.
Within 12 months of starting to collect, you can "reset" your benefits to erase the reduction, but you must repay all of the benefits you and your family earned.
See how it works: The "reset" rule
If you started collecting before your full retirement age (FRA), you can suspend your benefits at FRA and restart them later.
See how it works: Voluntary suspension
Anyone who's paid Social Security taxes for at least 10 years can start to receive retirement benefits as early as age 62 based on his or her earnings record.
Collecting Social Security at 62 has some advantages. For example, you may be ready to retire and counting on Social Security as the cornerstone of your retirement plan. After all, if you've paid Social Security taxes for 10 years, then you're entitled to Social Security benefits.
If you have serious health problems or a family history that suggests you may not live long enough to profit from waiting, collecting early might make the most sense for you.
On the other hand, the earlier you start to collect, the less you'll receive each month. But if you start to collect and then change your mind, you have 2 options.
Within 12 months of starting to collect, you can "reset" your benefits to erase the reduction, but you must repay all of the benefits you and your family earned.
See how it works: The "reset" rule
If you started collecting before your full retirement age (FRA), you can suspend your benefits at FRA and restart them later.
See how it works: Voluntary suspension
If you start collecting Social Security retirement benefits at your full retirement age (FRA), you'll receive 100% of your primary insurance amount (PIA). But remember that you can collect more than 100% of your PIA by waiting beyond your FRA.
Each month that you delay your Social Security benefits past your FRA, you'll earn an extra 0.67%. That's an extra 8% for each year that you wait past FRA … and what other investment can guarantee an 8% annual increase?*
If you can wait until you're 70, you'll receive your highest Social Security payments—up to 132% of your primary insurance amount (PIA) if your full retirement age (FRA) is 66, or 124% of your PIA if your FRA is 67.
Of course, you don't have to file when you reach one of the milestones listed above—62, full retirement age (FRA), or 70. You can apply for Social Security retirement benefits anytime between the ages of 62 and 70.
Social Security provides more than just retirement benefits. And the federal government offers more than just Social Security benefits. As you put your retirement plan together, check to see whether you qualify for other government benefits, such as family and children services, tax assistance, and active military or veterans benefits.
You can file for Social Security benefits online, over the phone, or in person at a local Social Security Administration office.
If you're struggling with making your best Social Security decision, we can help. You'll also get a custom financial plan, ongoing portfolio management, investment coaching, and real-time goal tracking—all at a low cost.
CONSOLIDATE YOUR RETIREMENT SAVINGS AT VANGUARD
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*The amount of your monthly benefits also increases for each month you wait between age 62 and your FRA, but the rate is lower than 8% per year and varies depending on your age.
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