Thinking About Retirement

Things You Need To Know About Social Security Retirement

When to start receiving benefits is a very personal and important decision that determines the amount of benefits you will receive for the rest of your life.

You should consider personal factors when deciding when to start your Social Security benefits.

  • The decision about when to begin receiving retirement benefits is a personal one: there is no “right” answer for everyone.
  • Monthly benefit amounts vary depending on when they start.
  • The number of years during one’s retirement might be substantial.  One should consider financial needs now vs. later retirement years.
  • The effect of the retirement limitation and delayed retirement credits, and how they affect widow or widower’s benefits
  • Benefits for your eligible spouse and children
  • How earnings from continuing to work may affect retirement benefits
  • There is a chance that one can live long past the “average” life expectancy.

For more information on this subject, see our 11 page guide on “Retirement Benefits” and our 15 page guide on “How Social Security Figures Your Check Amount” – click here

Social Security should provide you with information about the type of benefit you may be eligible to receive and the amount of the benefit you may be eligible to receive.

They should provide you with your monthly benefit amounts for the earliest possible month you could receive benefits, at your full retirement age, and at age 70.  They should also provide monthly benefit amounts for any other months you request.  You may have to ask for this information if it is not provided. See “Estimating Your Retirement” on our “Retirement” tab.



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