Are you approaching retirement and wondering when the right time to start receiving you Social Security benefits? This decision can have a significant impact on your retirement finances, but don't worry, we're here to help.
Let's briefly talk about how Social Security Benefits are calculated.
Your Social Security benefit is based on your average earnings over your working career and adjusted for inflation. The Social Security Administration calculates your benefit using a formula that takes into account the 35 years of your highest earnings. The full retirement age, which is the age at which you become eligible to receive your full Social Security benefit, is between 66 and 67, depending on the year you were born.
You can also take your calculated benefit early, which comes with a permanent reduction, or you can take your benefit up to age 70 that comes with permanent increases. The variety is what makes this decision complex and why we use a deliberate process to help decide when to take Social Security.
Understand your goals and how they fit into your Retirement Program.
Evaluate your overall health and longevity.
Review social security statements and benefits.
Dedicate time to making social security decisions.
Fill out the form and we’ll be in touch to talk about your investment plan.