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Taking your Social Security benefits at the right time may help maximize your benefits.
You’ve planted the seeds of your retirement by saving, making retirement contributions every year, and paying into social security with every paycheck. Now, the time to harvest the fruits of your labor is getting closer.
How do you make sure you’re maximizing your Social Security income?
First, if possible, don’t claim your benefits too early. Picking that fruit too soon means your benefit won’t be as big as it could be. Your full retirement age is between 65 and 67 years old, depending on when you were born. Waiting for your full retirement age allows your potential benefits to increase.
Second, you might consider letting that fruit ripen a bit more on the branch. Waiting even longer than your retirement age can have a big impact on your potential benefit. In fact, your benefit is projected to be another 5.5% to 8% for each year you delay past your full retirement age, up to age 70.
Sowing the seeds is the first step, and having a strategy for receiving income may help ensure that those hard-earned benefits are properly harvested. Make sure your approach is designed to maximize your total benefits.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.