The Best Age for Applying for Social Security

If you’re reaching the age of becoming eligible for Social Security benefits available to you, you may be unsure of the best time to apply for them. Of course, there is not one best age for everyone, and your decision should be made based on your individual and family circumstances. The Social Security lawyers at Liner Legal in Cleveland, Ohio can also help you with this important decision.

You can start your Social Security retirement benefits between 62 and 70 years old. The earliest you can apply for your benefits is three months before you turn 62. The time you decide to start your benefits does make a difference on how much you receive, and the amount you receive when you first get your benefits sets the base for what you’ll receive during the rest of your life. If you apply before your full retirement age, your benefit will be smaller, but you will receive it for a longer period. If you apply at your full retirement age or later, you will receive a larger monthly payment for a shorter amount of time. Your full retirement age depends on when you were born, and if you’re not sure what that is for you, you can click here to find out.

A couple of factors that can help determine when you should take your Social Security benefits are health and longevity. If you are not in good health, it could make sense for you to apply for your benefits at an earlier age. Take a look at how long your parents and grandparents lived. If they lived into their 80s and 90s and you feel like you will, too, it might make sense for you to delay receiving your benefits until full retirement age or later. Delaying your Social Security benefits can help with money in later years, especially if you outlive your pension.

Another factor to take into consideration is whether or not you continue working. If your earnings are high enough, you may have to give up some of your Social Security benefits at the age of 62 until your full retirement age. If that’s the case, you may decide to wait until full retirement age to apply for your benefits. Social Security lawyers can help with understanding your social security benefits.

If you decide to take your benefits as soon as you qualify at age 62, but you don’t necessarily need them, you can consider investing them to increase their value. Or, if you don’t need the benefits right away and can wait beyond your full retirement age, you can take advantage of delayed retirement credits.

Planning for retirement is all about the long term. Since accidents or changes in your circumstances can arise, your final decision should be your best guess in regards to your future. The Social Security Disability lawyers at Liner Legal in Cleveland, Ohio can help with your claim applications.

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