A part of your planning for retirement should be knowing the right time to take your social security benefits. Here are a few key factors to help you take your benefits at the right time.
- Check your social security statement – You can do so here if you create an online account with the social security website. It should give you information that allows you to see how much you could collect based on the age you begin. You can also check your numbers to ensure they have the correct record of what you have paid in.
- Know your full retirement age – Full retirement age is based on when you were born. For example, for people born between 1943 and 1954, they can collect the full amount of social security at age 66.
- Can you work long enough to delay social security? – The only reason to take social security early would be if you can’t survive to full retirement age without it. Otherwise, it just doesn’t make sense to give up a quarter of your retirement money over a few years.
- Do you have enough saved to supplement social security income? – Knowing how much you will get per month can help you to understand how much you need tucked away in order to live out your golden years comfortably.