It’s never too early to start thinking about your retirement. When you do, one of your first questions may be, “When’s the best time to start receiving Social Security retirement benefits?”
There’s no one “best age” for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for Social Security benefits based on your individual and family circumstances.
With that in mind, Social Security recently published a new fact sheet to help you make the decision that’s best for you. “When To Start Receiving Retirement Benefits” is available online at www.socialsecurity.gov/pubs/10147.html.
Things to consider are your current cash needs, health, family longevity, whether you plan to work after you retire, future financial needs and obligations, and the amount of your Social Security benefit and other income, such as pensions and deductions from retirement funds. Do you have investments to draw from when you need extra money? Will it last as long as you expect to live?
Keep in mind that people are living longer than they used to. About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95. If you decide to retire early, at 62 or any time before your full retirement age, you’ll get your Social Security benefits sooner — but you’ll get a reduced benefit for the rest of your life. Your monthly benefit will last as long as you do. So the reduction in your monthly payment for taking early retirement can add up to a big difference over the life of your benefits.
Your decision can affect your spouse and family, too. If you die before your spouse and dependent children, they may be eligible for survivor benefits. But if you took early Social Security retirement benefits, their survivor payments would be based on your reduced benefit amount.
When you reach your full retirement age, you can work and earn as much as you want and still receive your full Social Security benefit payments. If you are younger than full retirement age and if your earnings exceed certain dollar amounts, some of your Social Security benefits during the year will be withheld.
On the other hand, if you put off Social Security retirement payments until after your full retirement age, your benefit amount will increase. In fact, it will continue to go up until you reach age 70 or start receiving benefits, whichever comes first.
And when thinking about Social Security, don’t forget Medicare. You can sign up for Medicare three months before reaching age 65, no matter when your full retirement age is — even if you decide to delay retirement benefits. Otherwise, your Medicare medical insurance, as well as prescription drug coverage, could be delayed, and you could be charged higher premiums.
Learn more and make an educated decision about when to retire. Visit the online fact sheet, “When To Start Receiving Retirement Benefits,” at www.socialsecurity.gov/pubs/10147.html.
John Williams is Social Security public affairs specialist for east central Indiana.
Columns
Related Photos
Discussion
JOHN WILLIAMS: Make informed retirement decisions
- Columns
-
-
Emmett Dulaney: When Twitter backfires
Twitter, that innocuous social media tool that lets users send out 140 character snippets to their followers, is being used more and more as a marketing tool.
-
John Williams: Valentine tip from Social Security
Valentine’s Day is a popular time of year for proclamations of love. Such displays of affection can be as simple and sweet as a heart with a “be mine” message, or as life altering as a vow before the altar.
-
Scott Underwood: TV section alterations on the way
Two Sundays ago, The Herald Bulletin introduced a new product called Click, replacing the TV Week section. Like TV Week, Click includes TV listings grids, sports listings and Sudoku and crossword puzzles.
-
'Big Joe' Clark: The $100 million IRA - and how to get one
Is it possible to save $100 million? No, but it is possible to invest and end up with that sum of money. Mitt Romney is not alone; there are others with mega IRAs.
-
Analysis: Exceptional voice seemed lost in Houston's excessive fame
Whitney Houston’s numerous comeback attempts never gelled into anything the public cared about.
-
Brian Howey: Automotive factor explains why Obama opens Indiana office
On Thursday, the Obama for America campaign opened up an office in Indiana, a state with a century-old love affair with the internal combustion engine.
-
Maleah Stringer: Be truthful when filling out an application to adopt a pet
Animal shelters, humane societies and animal rescue groups across the country use adoption applications to screen applicants.
-
Jim Bailey: Plenty of sports celebrities have spoken in Anderson
Those who like to hear about their favorite sports from the horse’s mouth have had plenty of opportunities over the years in Anderson.
-
Howard Hewitt: Ivo Nardi of Italy leading organic push
Much of Europe is way ahead of the United States when it comes to the demand and supply of organic products.
-
Don McAllister: Dovetailing on a great column with a word on encouragement
Every day starts a new story, and this one tips its hat to a great column that recently appeared in The Herald Bulletin by Jesse Wilkerson where he emphasized the value of choosing one’s words.
- More Columns Headlines
-
Whitney Houston Funeral to Be Invitation Only
New Details in Search for Missing Utah Mom
Raw Video: Protesters, Security Clash in Bahrain
Obama: Good US-China Ties Help the Whole World
School Pays Students to Attend Class
Raw Video: Biden Greets Chinese VP for Visit
Raw Video: Heavy Shelling in Homs, Syria
Raw Video: 5 People Injured in Bangkok Blasts
Raw Video: Kim Jong Il Statue Unveiled
Trial Opens for Ala. Man in Bride's Diving Death
Baltimore's 'Crime Stopper' Is a Basketball Star
Raw Video: Hearse Arrives at N.J. Funeral Home
Authorities: Houston Found Underwater in Tub
Arm Wrestler Not Guilty Plea in Wife's Death
Raw Video: Houston Body Flown From L.A. to N.J.
First Person: Westminster Kennel Club Dog Show
Obama's New Budget: The Winners and Losers
Gregoire: Marriage Equality Is Right for Wash.
Bacteria Keep Swimmers Off Some Fla. Beaches
Sandusky Can See Grandkids, Have Local Jury
