What’s the optimum age to start taking
your Social Security Retirement Benefits?
The longer you hold off on taking your Social Security, you get an 8% increase in your check. Then you will also get cost-of-living increases. If you continue to work, that would increase your benefits too. See bibliography below.
Don’t forget about Medicare @ 65
If you plan to delay receiving benefits because you’re working, you’ll still need to sign up for Medicare three months before reaching age 65. If you don’t enroll in Medicare medical insurance or prescription drug coverage when you’re first eligible, it can be delayed and you may have to pay a late enrollment penalty for as long as you have coverage. You can find more detailed information about Medicare here or scroll down and see general brochures & videos.
Social Security’s Planning Tools
- Retirement Benefits Publication 10035
- What is your retirement age?,
- Use the benefit calculators to test out different retirement ages or future earnings amounts,
- More about Social Security programs,
- What happens if you work after you retire?, and
- How do certain types of earnings and pensions can affect your benefits?
- Retirement options,
- How members of your family may qualify for benefits,
- How to apply for benefits and what supporting documents you’ll need to furnish, and
- Apply for retirement benefits.
- Retirement Check List # 10377
- Estimate Your Life Expectancy
- Other Benefit Calculators
- When to Start Receiving Retirement Benefits
- Benefits For Your Spouse
- Other Things To Consider
- Retirement Toolkit
- my Social Security
- social security solutions.com fees may apply
- fairly geeky, there are good spreadsheets at www.analyze now/ but they are not easy
- Forbes 5 calculators
Smart Asset.com Social Security Calculator
Understanding the Benefits # 10024
How Social Security Can Help you Plan for Retirement
Social Security Handbook
Links & Resources
IRS Publication 915: Social Security and Equivalent Railroad Retirement Benefits.
Terry Savage.com Social Security – Still have mortgage?
Dave Ramsey – Take Social Security early?
Suze Orman – Optimum Age to retire
Social Security Strategies: How to Optimize Retirement Benefits Book the authoritative source on Social Security claiming strategies, Social Security benefits are the largest retirement asset for the majority of Americans. Yet most decide when to begin benefits without advice. this book is a primer for enhancing lifetime income and minimizing the risk of running out of savings in retirement. cut through the maze of rules governing Social Security and will equip you with the information and heuristics you need to offer quality advice about Social Security
Medicare and You 2021 #10050
Everything you want to know - Read Along