Sentences with phrase «taking social security retirement benefits»

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

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.

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.

Taking Social Security retirement benefits at 62 only makes sense in a limited number of circumstances, such as if you are single and terminally ill.

This has a compounding benefit, because by working longer — and waiting to take your Social Security retirement benefits (until as late as age 70)-- you'll meaningfully increase your fixed income source while (hopefully) increasing your personal retirement savings as well.

Not exact matches

You may not want to work in retirement, but taking on a part - time job the first few years so you can delay claiming Social Security benefits could significantly boost the benefit you receive.

The size of your Social Security check increases by a certain percentage for each month you delay taking benefits beyond your full retirement.

How much risk you can afford to take with your investment portfolio during retirement, or when approaching it, depends on your cash flow from available income streams — such as pensions, Social Security benefits or annuities — and doing a thorough cash - flow analysis is paramount.

I plan on taking Social Security at 66, because that will be full retirement age for me, and my wife will receive 50 % of my benefit when I claim it (the max she can get).

Taxes on Social Security benefits take a further bite out of retirement budgets.

If your budget for early retirement includes working part - time and getting Social Security benefits, you could take an unexpected financial hit.

If you plan on taking Social Security benefits before you reach your full retirement age — which is currently as old as 67 if you were born in 1960 or later — your benefits might be reduced even if you only work part - time.

You can begin collecting Social Security at 62, but if you start taking your benefits before reaching your full retirement age — 65 to 67, depending on when you were born — your benefits will be reduced.

The materials in this toolkit are designed to educate workers approaching retirement about their options for taking Social Security benefits, and about why it can pay to wait.

You started saving early to take advantage of the power of compounding, maxed out your 401 (k) and individual retirement account (IRA) contributions every year, made smart investments, squirreled away money into additional savings, paid down debt and figured out how to maximize your Social Security benefits.

«Deciding when to start taking your Social Security benefits is one of the most important retirement planning decisions we face,» Ken Hevert, senior vice president of retirement at Fidelity Investments, told CNBC.

When to claim Social Security benefits will be one of the most important decisions that you make regarding your retirement, along with how to take retirement income from your various retirement accounts and how you will fund your health care needs in retirement.

But if you start taking Social Security before your full retirement age (FRA), you are permanently limiting your partner's survivor benefits.

If you're looking for a lower - key, less - costly retirement, taking your benefits early — and receiving smaller Social Security payments — might make sense.

How much you've saved for retirement will play a key role in how early you should take your Social Security benefits.

As the site shows, if you start taking your Social Security payments before you hit your full retirement age, your monthly benefit will be lower.

You can determine how much of a hit you'll take claiming benefits early by visiting the Social Security Administration's retirement planner site.

Taking Social Security benefits before your full retirement age will cost you in the form of a lower monthly payout.

On the other hand, if your husband delays receipt of benefits until age 70, he earns delayed retirement credits and he locks in a benefit that is 32 % higher than the amount he receives at full retirement age (age 66) and 76 % higher than the benefit he would have received had he started taking benefits at age 62 (Source: Social Security Administration).

The problem with having student loan debt in retirement is that your Social Security benefits can take a hit if you default on what you owe.

The same might be said for social security benefits --(a) take it at age 62, (b) take it at «full retirement age», or (c) take it at age 70, what is the right decision for you?

Our Services and Fees Whether you need a comprehensive financial plan or just have questions about educational planning, retirement readiness, or when to take Social Security benefits (or other issues), Safe Harbor offers the right level of services that you need now at a reasonable cost.

Upon returning to the workforce, Cheryl took the steps necessary to become a licensed financial services professional and quickly realized the vast majority of current and prospective retirees did not have access to the advice and resources required to make an educated decision on, what in most cases, will prove to be one of the most critical financial decisions they'll ever make; when and how to claim Social Security retirement benefits.

Khalfani - Cox cites some alternatives to help people hold off taking early Social Security benefits: Save more during working years, stay in their jobs longer, or work part - time in retirement.

Lower - earning spouses who claim their own Social Security benefit before full retirement age take a cut of as much as 25 %.

That is, the so - called increase in the Social Security monthly benefit if you delay taking benefits beyond your normal retirement age is at least in part due to the fact that a «fixed pot of money» is being divided into larger chunks at age 70 (fewer months to live) than at age 67 (more months to live).

The key job of a retirement financial advisor is to help determine the best time to take key steps — such as making retirement saving account withdrawals, rebalancing investments or beginning to collect Social Security benefits — that will help you experience the retirement you envision.

Taking your benefits at age 62 means a permanent 30 percent reduction from your full retirement benefit, according to the Social Security Administration.

Deciding when to take Social Security benefits is a personal decision that you should make as part of a comprehensive retirement plan with your spouse as it might affect their spousal benefits down the road.

The problem with having student loan debt in retirement is that your Social Security benefits can take a hit if you default on what you owe.

You can begin collecting Social Security at 62, but if you start taking your benefits before reaching your full retirement age — 65 to 67, depending on when you were born — your benefits will be reduced.

Social Security benefits are increased by a certain percentage (depending on date of birth) if a person delays taking retirement benefits beyond full retirement age.

File and Suspend allowed you (generally the higher earner in a couple) to file for, but suspend taking, your Social Security retirement benefits while permitting your spouse and / or eligible dependents to collect benefits based on your earnings record.

They can take Social Security disability or retirement benefits, but no more than 15 % of the total benefit.

If you take Social Security between age 62 and your full retirement age, your benefits will be permanently reduced to account for the longer period you will be paid.

If you plan to gradually transition from full - time work into full - time retirement, that may require additional planning for when you'll take Social Security benefits, for example.

Taxes on Social Security benefits take a further bite out of retirement budgets.

If your budget for early retirement includes working part - time and getting Social Security benefits, you could take an unexpected financial hit.

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.

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.

As mentioned before, another way to boost your Social Security income is to delay taking benefits past your full retirement age and right up until the age of 70.

Many people choose to take Social Security benefits before they reach their full retirement age.

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.

If there was a percentage increase in the average CPI - W for the third quarter of the current year over the average for the third quarter of the last year a COLA took effect, then Social Security will increase retirement benefits by that amount.