Sentences with phrase «taking social security»

People can start taking Social Security benefits beginning at age 62, but if you were born after 1960, you won't get your full benefits until you reach age 67.

Should you begin taking your Social Security benefits as soon as you are eligible, or should you wait until you reach your full retirement age?

For instance, do you plan on taking Social Security early to help supplement an early retirement?

However, whether or not you're looking at taking Social Security at 62 or later, you should know that the formula used by the SSA is in fact designed to result in the same amount of lifetime benefits - irrespective of when you decide to retire and apply for Social Security.

If you start taking Social Security at 62, rather than waiting until your full retirement age (FRA), you will receive reduced monthly benefits.

Taking Social Security too soon.

A recent GAO report found that even with lifespans increasing the majority of people still start taking Social Security benefits before their full retirement age.

A personal advisor from Vanguard can guide you on everything from planning your retirement date to balancing multiple goals to taking Social Security.

Seventy - eight percent of non-retired middle - income Boomers plan to start taking Social Security when they turn 65, yet only 38 % actually do so, and only 51 % are confident in their understanding of annuities.

Nearly half of Americans taking their Social Security when they turn 62 instead of waiting...

Taking Social Security sooner rather than later.

What are your thoughts on taking Social Security benefits at age 62 (75 % of full benefits) versus age 66 (full benefits)?

If you can take it slow when taking Social Security, you will have more money for the retirement period.

Unfortunately, it's common to see couples in which both spouses start taking Social Security at full retirement age (or close to it), despite the fact that there would have been a strictly - superior strategy available to them.

Our first retiree is age 62 in 2018, and is hoping to begin taking Social Security benefits immediately upon eligibility — to get what's coming to her.

We have a while before we can start taking Social Security and plan to wait until at least full retirement age with a goal of waiting until 70 for me as the higher earner.

However, individuals may begin taking Social Security retirement benefits early beginning at age 62.

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That was followed by: not outliving their savings (46 %), tax efficiency of savings and investment (43 %), having a health care plan (39 %), achieving their investment return goals (36 %), having an estate plan (26 %), retiring earlier (22 %) and delaying taking Social Security in retirement (21 %).

Whether it makes sense to work and collect Social Security at the same time is a complicated assessment that depends on how much you earn and when you begin taking Social Security benefits.

Consider that for each year you delay taking Social Security beyond your full retirement age until age 70, you'll receive a benefit increase of 6 % to 8 %, depending on your age.

As you approach retirement, you must decide when to begin taking your Social Security benefits.

You'll want to figure out the best moment to start taking your Social Security benefits, especially if you are relying entirely on Social Security to pay for your retirement living.

It's come down a little bit, but it's still close to maybe 40 % of Americans are taking Social Security as early as they can.

I understand that delaying taking social security from full retirement age (67, based on my birth year) until age 70 results in a 24 % increase in the monthly benefit, or 8 % per year.

Financial Planning Social Security: Delay or Take the Money and Run — Act II For most retirees, it makes economic sense to delay taking Social Security benefits until age 66.

Over the next decade and more we will start taking our social security benefits.

Even people decades away from retirement should pay close attention to how Congress just ended two lucrative ways of taking Social Security benefits, known jointly as the «claim now, claim more later» strategy.

The common wisdom seems to be to wait as long as you can to start taking Social Security retirement benefits.

First a little background: You have three options for when to begin taking your Social Security retirement benefits: You may begin taking benefits between age 62 and your full retirement age, you can wait until your full retirement age (which varies depending on your age), or you can delay benefits and take them anytime up until you reach age 70.

Delay taking social security payments as long as possible, as income compounds at an annualized 8 % rate for every year you delay (to age 70).

Figuring out when to start taking Social Security benefits shouldn't require a degree in economics, but the complica...

If you're married filing jointly and taking Social Security benefits, and you have between $ 32,000 and $ 44,000 in combined income, you may have to pay taxes on up to 50 percent of your Social Security benefits.

One way to create the best inflation - adjusted source of income at the moment is to delay taking Social Security for as long as possible.

In summary, the primary earner should often delay taking Social Security when the spouse's income has been significantly smaller in order to increase the survivor's benefits.

So just there's a little bit of planning around taking Social Security benefits early.

There is no «right» answer to this question of when to start taking Social Security.

[An effective drawdown strategy] could also [mean] developing Roth conversions to delay taking Social Security until age 70,» he said.

If you start taking Social Security as soon as you're qualified, the higher number of payments you'll receive means you'll collect more money than someone who waits to file — until you reach a tipping point.

Some prefer to wait, and take advantage of the fact that the longer they delay first taking Social Security payments, the larger their monthly benefit will be.

By taking social security early, they'll argue, they're letting their retirement portfolio beef up for greater returns down the line.

They may not be able to bear the thought of working another three years, and find that the only way out of that is to start taking social security retirement benefits before reaching full retirement age.

22:30 — Email Question # 1: My ex-husband is 63 - years - old and already taking his Social Security benefits.

This worksheet allows clients to take inventory of their assets, and project income versus expenses in retirement to help guide their decisions about taking Social Security income.

Educate your clients about three critical factors to consider before they begin taking their Social Security benefits.

Most people say you should delay taking Social Security to get a bigger benefit.

In light of stock market volatility, all time low interest rates, and retirees living longer, many financial experts are saying that you should reduce that 4 % to 3 % and put off taking social security.

Let's assume a 66 - year - old married couple earning a bit more than $ 100,000 a year combined retires and begins taking Social Security.

For example, if you plan to begin taking Social Security at age 62 but will keep working and expect to earn $ 5,000 over the annual limit, your Social Security benefits will be reduced by $ 2,500.

So, if you can use reverse mortgage proceeds to delay taking Social Security benefits for as long as possible, that provides you with greater monthly income.»