What factors should be considered when deciding when to begin collecting SS?

Getting Ready for Social Security Part 2: Other Factors Affecting Your Decision

• Current cash needs.
• Current health.
• Family longevity.
• Working in retirement.
• Other sources of retirement income.
• Spousal benefits.
• Looking back.

What factors determine Social Security benefits?

Your monthly Social Security benefit is determined by four main factors: your work history, your earnings history, your birth year, and your claiming age.

When should a person start taking Social Security?

age 62
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

How do you decide when to retire?

To determine when you can retire, estimate your total annual spending, add up your income, and be realistic about withdrawal rates. If you go through your financial projections and determine you can’t afford retirement, explore ways to save more money or find work you enjoy.

What are the rules for Social Security?

You can receive Social Security benefits based on your earnings record if you are age 62 or older, or disabled or blind and have enough work credits. Family members who qualify for benefits on your work record do not need work credits.

How much can a 70 year old make while on Social Security?

Once you have turned your full retirement age, there is no limit on how much you can earn while collecting Social Security payments. Your full retirement age is based on the year you were born.

Is Social Security ending in 2021?

According to the 2021 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2034.

When should you claim your Social Security retirement benefits?

You can start receiving your retirement benefit as early as age 62, or as late as age 70. If you claim it early (before your full retirement age), your monthly amount will be reduced. On the other hand, if you delay claiming your benefit, your monthly amount will be increased for each month of delay.

How do you estimate Social Security retirement benefits?

Retirement Estimator The Social Security Administration’s Retirement Estimator uses your actual Social Security earnings record to provide a benefit estimate for three claiming ages: age 62, your full retirement age and 70. The estimate is likely to be the most accurate for people close to retirement who have a long earnings history.

What are my Social Security retirement projections?

To review your situation, your annual Social Security statement will list your projected benefits at age 62, full retirement age, and age 70, assuming you continue to work and earn about the same amount until age 62, full retirement age, or age 70 before retiring.

What is the earliest age you can collect Social Security?

1 You can collect Social Security as early as age 62, but your benefits will be permanently reduced. 2 Doing a breakeven analysis can help you determine when you would come out ahead by delaying benefits. 3 Spouses can also claim benefits as early as age 62, based on their partner’s work record.