Social security is a critical component of retirement strategy so before you begin to take it, you need to consider these questions.
- When to start?
You can start at the age 62; Claim them at your full retirement age and delay the payments until age 70.
If you claim early, you may receive a monthly benefit than receiving it when you had begun taking payments at your full retirement age. The decision for when should you begin taking benefits depends on whether you need the income now or can wait.
- Should you continue to work?
Work might increase your social security benefits. Also it provides income and personal satisfaction. If you begin to take benefits before your retirement age and continue to work then your benefits shall reduce to an extent. Also if you work during the year in which you attain full retirement age, your benefits may reduce. After you attain your full retirement age, earned income no longer reduces benefit payments.
- How can you maximize your benefit?
The best and easiest way to maximize your monthly social security benefit is to just wait until you turn age 70 before receiving payments.To know more, contact us at – email@example.com / 080-40463150