While many people choose to take their Social Security Retirement Benefits as soon as they can – i.e. at age 62 – the benefits are less than if you wait until your “full retirement age” (66 or 67) or even longer, until age 70.
In fact, waiting as long as you can – up to age 70 – can be extremely beneficial. Each year you wait, benefits can increase between 6% and 8%.
Check out this Wall Street Journal article for more details and illustrations:
An Annuity Plan Called Social Security
And, if you are (or were) married, you might have even more options available, as reflected in this post from the Motley Fool:
Social Security: You Have More Control Over it Than You Think
So, before you take your Social Security as early as possible, do some digging to make sure that’s the best financial choice for you.
CAVEAT: This web site and the information contained herein have been prepared for educational purposes only. The information on this blog does not constitute legal advice, which would be dependent upon the specific circumstances of a particular case. In addition, because the law can vary from state to state some information on this site may not be applicable to you.
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Elder Law Update 