Social Security Benefits: When to Apply
Retirement planning may not be an easy task, but there are a number of useful tools that can expedite the process. One of these tools is the “break-even age” calculator, which helps prospective retirees determine their magic age for receiving Social Security benefits. For some, it might be best to wait a few years after reaching age 62; for others, getting started on day one of eligibility is the answer.
An article by Sharon O’Brien breaks down the process, which is dependent on some pretty hard-to-determine variables, such as how long you plan to work and whether you’ll live to 80 or 100. Do you want a larger check later on (a result of deferring your benefits), or do you need the income immediately?
O’Brien’s piece links to several handy websites covering topics such as how the break-even point is determined, how you can make a reasonable estimate about your longevity, and how your decision could affect your family, to name a few.
If you’re approaching age 62 and trying to decide when to receive that first SS check, take advantage of the “break-even age” calculator. Consult www.socialsecurity.gov and talk to others who have made the jump. It’s a crucial decision and must be measured carefully, especially given today’s tough times.
- Michelle Seitzer
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March 6th, 2009 at 8:52 pm
I was surprised by my son’s in-laws who said they’d applied for Social Security at 62. I’d always planned to wait so that the monthly income would grow. With this recession the monthly income might help relieve some anxiety while they can figure out how they want to go back into the work force. Check Social Security provisions to find out how much you can earn without affecting regular monthly payments.