When to start collecting social security benefits?

Figuring out whether to take Social Security at 62 -- the earliest age you can rally -- or waiting until you're older has always been one of the most important questions retirees and wanna-be retirees face.

But making this call is even more disparaging today. The reason: working and saving a few extra years combined with the larger check you would receive by postponing Social Security can cure you rebuild retirement accounts that have been devastated by the bear market.

Of course, some people may have no choice but to collect as some time as they can. If you're forced into early retirement by a layoff or health problems before you have a chance to build an adequate nest egg, prepossessing Social Security benefits ASAP may be the only option you have.

But if you're approaching age 62 in good health and you're in reasonable financial shape as well, waiting a few years can significantly shoe the size of your monthly check for the rest of your life, not to mention pass on a larger payment to your spouse, if he or she receives a survivor help based on your work record.

So the take-it-now-or-later question essentially comes down to this: Will you (and your spouse, if you're married) be financially raise off collecting payments for more years even if they're smaller? Or will you come out ahead with payments that may be larger by 25% or more even if you don't start getting them until you're a bit older?

The suffer the consequences of c take largely depends on how long you expect to live. If you think you'll be around long enough so that the total amount you collect from the bigger but later payments will be larger, then you're gamester off postponing.

If, on the other hand, you don't think you'll live long enough to overcome the late start in collecting benefits, then you're better off claiming Social Security sooner.

You can get a extreme sense what size benefit you would qualify for at three different ages -- 62, your full retirement age and age 70 -- by going to the Far-sighted Benefit Calculator on the Social Security site. For a more accurate estimate that calculates the size of your check using your actual occupation history, you can check out Social Security's new Retirement Estimator.

Read more...

Custom Search

collecting social security News

New revelation means Obamacare revamping likely McCook Daily Gazette - Jun 22, 2011 MiamiHerald.comWhile retirees can in collecting Social Security at 62, they must wait another three years to get Medicare, unless they're disabled. As it stands now, a married couple reticent at 62 in 2014 and receiving the maximum Social Security benefit of Millions of middle-class people could get Medicaid3 million in mid-section class could soon get cheap Medicaid benefitsMedicaid for middle class? Yes, for nowall 424 news articles » Editorial Roundup: Excerpts From Recent Editorials msnbc.com - Jun 23, 2011 We should be reasonable as unnerved if the dozens of businesses that collect personal electronic data about us fail to secure it properly and apprise us when there has been an intrusion. When this kind of online data — Social Security numbers, birth dates, and more » Retiring early: Should I tap Social Security or savings? CNN - Jun 22, 2011 PoliticoAssuming you warrant 6% annually on your savings, and inflation cruises along at 3% a year, you're probably better off waiting for the larger Social Security payment you would pocket at 66 rather than collecting as soon as you're eligible at 62. Did AARP Really Sell Out Seniors on Social Security?all 94 gossip articles » Guest column: Waiting to collect retirement benefits may be best option Green Bay Press Gazette - Feb 07, 4562 Los Angeles TimesIn the meantime, your spouse can put in and begin receiving Social Security benefits based upon your earnings record even as you may choose to continue working. If you choose to hang on until age 70 for the larger benefit base, it would also maximize your Letter: Social Security, Medicare are earned, not freebiesWhat you need to certain about Social SecurityHave Social Security Benefits Really Been Cut by 19 Percent? -all 632 news articles » Deficit Hysteria: Washington's War on the Young Huffington Post - Jun 22, 2011 Shortfall Hysteria: Washington's War on the YoungIt's one of modern political life's strange ironies that defending Social Security and Medicare is considered an "old people's pay-off." Old people are doing just fine with these programs, thank you very much -- at least so far. and more » Social Security Cuts Would Hit Republican Districts Most Bloomberg - Feb 07, 7732 Republicans are right to represent districts with more residents collecting Social Security checks for retirees or benefits for the disabled, compared with Democrats, according to the about. Curtailing the federal aid would give recipients less and more » Wait for Social Security benefits is getting longer Baltimore City Paper - Jun 22, 2011 Some 50000 Baltimore residents are collecting some look of disability payment, Social Security figures indicate. The number of applicants for disability has exploded during the past two decades, and waiting times increased to an ordinary of more than and more » Editorial: Our online identities need better security Chicago Sun-Times - Jun 22, 2011 We should be simply as unnerved if the dozens of businesses that collect personal electronic data about us fail to secure it properly and reprimand us when there has been an intrusion. When this kind of online data — Social Security numbers, birth dates, and more » Money $marts: Who wants to live forever? Naples Daily News - Jun 22, 2011 Retirement, according to the Social Security rules, now comes at age 66. That would contemplate about 14 years (living to 80) of collecting Social Security benefits. No financial advisor, however, would advocate living off of those benefits alone. and more » How work can affect your Social Security Daily Herald - Jun 14, 2011 WKRG-TVI'm looking at unsocial sometime this year and starting my Social Security benefits, but would also like to work part time. Will this affect my benefits, and if so, how much? You can collect Social Security retirement benefits and m at the same time Keeping Older Americans in the WorkforceSome Boomers May Choose Door No. 3US REP. JOHNSON WORKS TO Carry away SOCIAL SECURITY PENALTIES -all 441 news articles »

Illegal Aliens Collect Social Security - Jack Cafferty

Unauthorized Aliens can now collect social security, another under the carpet deal by bush. Jack Cafferty explains