The Social Security retirement age for most people is 67 but that might not be the right age to begin receiving benefits.
Full monthly Social Security benefits begin at age 67 for Americans born after 1960 so many people plan to retire at that age. But there are many reasons that people may benefit from applying for Social Security at a different age as detailed in the Wills, Trusts & Estates Prof Blog "Considerations To Keep In Mind For Taking Social Security At 67."
Things to keep in mind when considering your own retirement age include:
- You can start receiving Social Security benefits as early as age 62. While your monthly benefits will be lower than if you wait, the system is designed so your lifetime benefits will be the same.
- Many people plan to "file and suspend." In other words, they plan to draw from a spouse's benefits and delay filing for themselves until their monthly benefits are higher. Unfortunately, this option will no longer be available after April 29, 2016.
- If you wait to take benefits until after the age of 67, then you can increase your monthly benefits by 8% a year until the age of 70.
An elder law attorney can be helpful in presenting your options for Social Security and the best time to apply.
Reference: Wills, Trusts & Estates Prof Blog (Feb. 29, 2016) "Considerations To Keep In Mind For Taking Social Security At 67."
