Skip to content Social Security Online |
Retirement Planner |
www.socialsecurity.gov |
Planners Home |
Other things to consider |
|
What is the best time to start your benefits? We're not recommending that you take your benefits at age 62, at your full retirement age, at age 70 or at any age in between. That's a decision you have to make personally, based on your own circumstances. Your monthly benefit amount can differ based on the age at which you decide to start receiving benefits. If you decide to start benefits before your full retirement age, your benefit will be permanently reduced. There are also some other things you may want to consider when you make that decision: Note: Click on a question below or the red arrow next to it for the answer. |
|||||||||
Expand All | Collapse All | ||||||||||
Are you still working?If you plan to continue working, there are limits on how much you can earn each year between age 62 and full retirement age and still get all your benefits.
Depending on the amount of your benefit and the amount of your earnings for the year, you may have to give up some of your benefits. If your earnings will be high, you may decide to wait until full retirement age to start your benefits. Once you reach full retirement age, there is no longer any limit on how much you can earn. Reminders:
Do you come from a long-lived family?A man who turned 65 in 2007 can expect to live about another 17.5 years. A woman who turned 65 the same year can expect to live about another 19.8 years.
About one out of every four 65-year-olds today will live past age 90. One out of 10 will live past age 95. How long do you expect to live? If your parents and grandparents all lived into their 80s or 90s and you have every reason to believe you will too, you may decide to delay starting your benefits until full retirement age or later. If that is not the case, you may choose to start receiving retirement benefits earlier. If you come from a long-lived family, you may need the extra money more in later years, particularly if you outlive other pensions or annuities that have limits on how long they are paid. How is your health?Will you still have health insurance?If you stop working, not only will you lose your paycheck, but you may also lose valuable health insurance provided by your employer. Although there are exceptions, most people will not be covered by Medicare until they reach age 65.
Your employer should be able to tell you if you will have retiree health benefits or you can temporarily extend your health insurance coverage after you retire. Also, if you are married and your spouse is employed, you may be able to switch to his or her health insurance. Are you eligible for benefits on someone else's record?If you are eligible on another record:
Do you have other income to support you if you decide to delay taking your benefits?If you don't need your benefits immediately, you may decide to:
Reminder: If you're receiving early retirement from your employer, keep in mind that some company pensions include a Social Security-equivalent supplement that stops automatically at age 62. The supplement stops because they assume you will apply for your retirement benefits at that age. Will other family members qualify for benefits with you on your record?If your spouse or minor or disabled children will qualify for benefits with you, the value of their benefits, added to your own, may help you decide if taking your benefits sooner will be more advantageous.
However, when you start your retirement benefits also affects the amount your surviving spouse may receive. If you start your benefits:
Additional information about how to select a retirement date can be found in "When To Start Receiving Retirement Benefits" and "Retirement Benefits." |
||||||||||
Accidents or unexpected changes in your circumstances can't be ruled out, of course, so your final decision may be based on your "best guess" about your future. Our representatives can help you explore your options, so give us a call at our toll-free telephone number And remember, Medicare usually does not start until you reach age 65. Even if you decide to delay starting your benefits, be sure to contact Social Security about 3 months before you turn age 65 to check about applying for Medicare. |
Privacy Policy | Website
Policies & Other Important Information | Site
Map
Last reviewed or modified Wednesday Apr 01, 2009 |