If you are currently in the workforce and have been for years, you have probably given some thought to retirement. You may wonder when to start collecting Social Security benefits since you have a few options.
Some people choose to retire and claim benefits early while others wait until full retirement age or even delay the date to begin receiving benefits. each of these options comes with its own advantages and disadvantages.
In an article from Yahoo Finance, financial advisor and founder of Scaled Finance Kevin Estes shared some thoughts on the subject. He suggests that those considering retirement should ask a few important questions.
- Do you have a spouse?
- What other retirement savings do you have?
- How does your work history impact your Social Security benefits?
- Do you plan to continue working on a part-time basis?
All of these questions can greatly impact how much you receive and whether you will be better off collecting Social Security benefits early, waiting until full retirement age, or delaying your benefits.
Ultimately, there are many factors to consider. To get a more in-depth analysis, read the full Yahoo Finance article here.
We believe that older Americans who gave so much for this country should get everything they earned in retirement. That is why we support a bill we call The Greatest Generation Benefits Act. Learn more and sign our petition here.