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What Options Do Single Individuals Have When Deciding to Draw Their Social Security Benefits?

Tuesday, October 24, 2017

If you are not entitled to receive benefits from other individuals Social Security record your options are mainly age based options.

If you have never been married or married but the marriage ended in divorce and didn’t last 10 years or more you fit into this category. You can draw your Social Security benefits as early as age 62. Once you attain age 62 you can begin your benefits any time. If you are under your full retirement age your benefits can be offset by the Social Security annual earnings test but depending on those earnings some benefits may be payable. Once you reach our full retirement age your earnings no longer have an affect on your monthly benefit payments.

Basically your options are age 62, your full retirement age or age 70. If you begin benefits before your full retirement age your monthly benefit will be reduced for each month you take your benefits early. This is a permanent reduction that lasts the rest of your life. If you take benefits at your full retirement age your benefits are not reduced. If you wait to start your benefits after your retirement age your monthly benefit amount will be increased based on delayed retirement credits. This increase lasts the rest of your life.

When you are deciding when to start your benefits you have to consider the affect of taking your benefits early or later and your breakeven points. You want to maximize your benefit to help offset the amount of withdrawal you will need to make from you other investments to maintain your lifestyle.

This is an important decision that will follow you as long as you live and not necessarily an easy decision. Once you make your decision your options are limited on making any changes so you need to be sure of your options before you file.



 
 
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