Attorney Bill Alexander discussed these issues and more this past Tuesday on W.G. Alexander & Associates’ radio program, “Asset Protection Today,” on TalkRadio 850 WPTF (AM). Be sure to listen every Tuesday morning from 9:00-10:00 AM.
Failing to collect your Social Security benefits at the right time may cost you tons of money over time. Seniors today need a steady source of income for their retirement that they cannot outlive, and with the disappearance of defined benefit plans, Social Security remains one, and sometimes the only, stream of income for life.
There are three options for when to take Social Security benefits: 1) before full retirement age (as early as age 62); 2) at full retirement age (now 65, 66, or 67); or 3) after full retirement age (no later than age 70). You are eligible to receive your maximum Social Security benefits at your full retirement age, which is based on your birth year. The later you were born, the higher your full retirement age will be for withdrawing Social Security.
If you start withdrawing Social Security before your full retirement age, your benefits will be reduced permanently. However, if you wait to withdraw Social Security until after you have reached full retirement age (but prior to age 70), your benefits will continue to increase until you start taking benefits, or reach age 70, whichever comes first. However, there is no advantage to waiting beyond age 70 to receive your Social Security benefits.
For these reasons, choosing when to withdraw Social Security is an important aspect of planning for your retirement. Visit an experienced Elder Law attorney to help you calculate when you will receive maximum benefits based on your particular situation. Don’t make a mistake with your income – contact W.G. Alexander & Associates today.