Summary:
1. Choosing the right filing age for Social Security is crucial for determining your monthly benefit.
2. While waiting until age 70 may result in higher monthly payments, it’s essential to consider how the money can benefit you.
3. Factors such as health, savings, and personal goals should all be taken into account when deciding on a Social Security filing age.
Article:
Deciding when to file for Social Security benefits is a significant decision that can impact your retirement finances for the rest of your life. While the earliest age to claim Social Security is 62, the full retirement age is 67 for those born in 1960 or later. Waiting until age 70 to claim benefits can result in increased monthly payments, as benefits grow by 8% for each year you delay up until age 70.
It may seem like waiting until age 70 is the best choice to maximize your lifetime benefits. However, it’s important to consider what the money can do for you beyond just increasing your monthly paycheck. If you’re in good health and have dreams of traveling or enjoying experiences while you’re still physically able, claiming Social Security earlier may be a better option, even if it means receiving smaller monthly checks.
While financial stability in retirement is crucial, it’s essential to think about how you can make the most of your money rather than solely focusing on maximizing your Social Security benefits. Factors such as your health, savings, and personal goals should all be taken into consideration when deciding on the optimal filing age for Social Security. Ultimately, the goal should be to use your benefits to enhance your quality of life and achieve the experiences you’ve always dreamed of.
