Are you excited to receive your hard-earned Social Security payments but unsure of when you should begin benefits? In this post, we’ll help breakdown the disadvantages and advantages of taking Social Security early or delaying. Individuals can begin benefits anywhere from age 62 to 70, with 67 being considered full retirement age for most individuals.
Possibility of living longer than anticipated and therefore permanently smaller payments that may be cumulatively less compared to taking at age 70
Will receive benefits for the longest time compared to taking at full retirement age or 70 (if no premature death)
Best for those who don’t anticipate longevity
Taking benefits at age 70
Will receive benefits for the shortest time compared to taking at full retirement age or 62
Possibility of premature death and therefore few overall payments
Largest amount of monthly benefits
If you want the “Goldilocks” between the two extreme ages, taking Social Security at full retirement age may be appropriate. Taking benefits at full retirement age gives your “normal” Social Security amount calculated based on your work history and how much you’ve contributed to the system. Whereas taking Social Security at 62 provides a discounted monthly amount and taking at 70 provides an increased monthly amount. If you would like to receive a personalized Social Security analysis and report, book an appointment with a Lockheed Martin retirement specialist today!
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Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.
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