Tuesday, January 28, 2014
The current full retirement age is 66 which will allow you to collect your full Social Security Benefits. But some people may want to start collecting Social Security as early as age 62. Michael Chamberlain, CFP, AIF, Forbes contributor, has outlined the following considerations:
- Consider your health if you are healthier waiting to take benefits might be a better option.
- Also think about the physical aspect of your job . If it involves more physical taxing tasks you might start taking benefits sooner.
- If you are planning on working prior to your full retirement age you might want to hold off on taking benefits because your benefits might be reduced.
- If you believe you will live longer you might want to hold off on taking the benefits.
- Evaluate your desire to work and if you do want to work it might be better to wait to collect benefits so you can get more.
- Look into other resources like your retirement that you can rely on. For each year you wait to collect social security payout go up 8%.
See Michael Chamberlain, When Should You Claim Social Security Benefits?, Forbes, Jan. 27, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.