September 19th, 2011|
People generally have lots of questions about Social Security, but one of the most pressing regards when to start collecting it.
In a new article, the San Francisco Chronicle clearly lays out your three options for when you can begin to collect Social Security—which includes taking benefits early (as early as age 62), waiting until the normal retirement age (age 67, if you were born in or after 1960), or waiting until after the normal retirement age.
The biggest considerations? Those who decide to start taking their Social Security benefits earlier will have reduced monthly benefits but will receive benefits for a longer time.
As the Chronicle says, “Deciding when to start taking Social Security is a difficult personal decision that must be based on factors like current cash needs, employment status and how long one expects to live. Because there are so many what-ifs, careful number crunching examining the different scenarios must be performed to determine the most practical and advantageous age at which to take benefits.”
When did you or will you begin receiving your Social Security benefits? What was the deciding factor for you?
If you need help with your Social Security Disability benefits, contact the Social Security Disability lawyers at Fleschner, Stark, Tanoos & Newlin.