When Should You Turn On Social Security?
24 Jul 2023 · 1 min
0:39
You can claim Social Security at 62, 67, or 70. Waiting until 70 gives you a substantially higher lifetime benefit. The choice depends on your overall retirement plan.
You can claim Social Security at 62, 67, or 70. Waiting until 70 gives you a substantially higher lifetime benefit. The choice depends on your overall retirement plan.
A Social Security plan is really a Social Security optimization plan, and that really should be something that you look at as you are approaching age 62 to be thinking about the 3 major milestones that you have access to when you're thinking about taking Social Security. 62, which would be the earliest that you can take your Social Security. 67, which is the definition of the full retirement age by the Social Security Administration. That's when you've reached the maximum. And then if potentially you could delay Social Security till 70, you pick up a pretty significant lifetime bonus for doing doing so. That would be something that you would want to roll into or consider at a high level, what would be part of your retirement plan.
