Should I wait to begin taking social security

[rschule1]

Hi There:

Choosing the optimum time to claim Social Security is the purview of a Financial Planner since many unknowns such as life expectancy, emergency spending, inflation, return on investments, etc. should  be forecasted with specialized software.

[ZeeEA20]

Hello @SeriousPool 

You can start receiving Social Security retirement benefits as early as age 62. 

If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. 

Social Security Administration provides a chart how your benefits are reduced for each month before your full retirement. Please check the link bellow: 

Social Security Administration 

[K M W]

Hi, SeriousPool!

Your question relates to whether you should wait to take social security - and the answer really depends on your specific situation.  There are no two cases exactly alike, so each person has to look at all the facts surrounding their situation to determine the best time to start collecting social security.  Some of the factors to look at in determining the right time for you to collect are:

• How old are you?  
• Are you still working?
• Do you have other retirement assets you can withdraw?
• Do you have after-tax investments (i.e. like stock investments) you can sell?
• Do you have other sources of income?
• Are you planning on selling certain assets in retirement, such as a second house, or downsize your primary residence, which will generate cash for your use in retirement?

And the list of other pertinent information can go on and on. So I can't answer your question specifically, but I can give you some general information.

Your question didn't indicate how old you are.  And your age when you start collecting social security is a factor in determining how much social security you are eligible for.  Generally speaking, depending on your birthdate, your full retirement age is anywhere from 65-67 years old. The earlies age a person can start receiving Social Security benefits is age 62; however, your monthly benefit amount is permanently reduced if you start receiving social security before your full retirement age.  

You can also choose to defer taking benefits until sometime after your full retirement age. You can defer until age 70, and every year you chose to wait will permanently increase your benefits.

If you chose to take benefits before your full retirement age, and you continue to work, your benefits may be reduced.  For 2023, you will lose $1 from your benefit payments for every $2 you earn over $21,240.  So if you are not at full retirement age and are still working and earning over $21,240, your benefits will be decreased. Once you reach full retirement age, you will be able to keep all your social security benefits no matter how much you earn.

As the answer to your question is based on your specific  financial situation, I recommend you seek local expertise to discuss your retirement plan, and then make the choice that meets your needs.