Retirement: When Should You Collect Social Security Benefits

social security benefits

There are many things to think about when you consider retirement. Of course, one of the first things that people need to consider is how they will pay for everyday expenses.

Many people wait until they are almost to retirement age to think about their Social Security benefits and have no idea how much money they will be receiving until they are just about to retire.

There are a few different factors that go into how much money you will receive from social security and one of the biggest factors is your age. Anyone who is considering retiring early should know that your early retirement can be done as early as 62 years old.

They should also have to realize that if you choose to retire before full retirement age that you will receive smaller social security checks than you would if you worked for a few more years. You can go to the Social Security website to check how much benefits you are entitled to when you retire.

For some people retiring early is a good choice, but it should not be the first option for most people.

Those who need to retire early because of health issues will definitely be a good fit for early retirement, but should also look into disability benefits as well.

The option that most people choose if they are healthy until retirement age is to receive full retirement benefits which could be at age 66 or 67 depending on the year that you were born.

Hopefully, by this age, you will have also saved up some other money from pensions or investments.

You can even work past full retirement age if you want and you will get the added bonus of slightly larger social security benefit checks once you do retire. This increase in benefits is only effective until the age of 70, so most people who work past full retirement age decide to retire at 70.

No matter when you decide to retire, you need to remember that it is a personal decision that only you can make.

You should also remember that you should have some other money saved up as well for when you retire because social security benefits will probably only add up to 40% of what you were making before you retire.

The key is planning at an early age. You may start planning for as early as getting your first full-time job and retiring early should always be considered. Plan your retirement early and retire early.

Author

BA in Accountancy, he entered the entrepreneurial world by starting his first online marketing business in 2004. Passionate about personal finance, the stock market and a digital marketing addict. I also love to read books on entrepreneurship and technology and always on the lookout for new opportunities. I'm an avid golfer and currently a 15 handicapper.

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