Make the most of your social security benefit.
Claiming Strategies
- To qualify for social security benefits, you must have accumulated at least 40 work credits.
- The earliest you can claim is at age 62. Be aware that your benefit will be reduced by a certain percentage until you reach your full retirement age.
- You can maximize your benefit by delaying until age 70. Be aware that you will not receive any further increase in benefits by delaying past the age of 70.
- Married couples can receive spousal or survivor benefits.
Decide When To Take Benefits
- Filing as soon as you are eligible is a choice, but usually not the best decision.
- The best age to file for benefits depends on several factors including your health, life expectancy, employment status and marital status.
- If you are married, your choice of when to claim could affect the level of benefits to which your spouse is entitled.
- Compare different filing strategies and analyze your overall retirement income scenario for added peace of mind.