When it comes to Social Security retirement benefits, your decision shouldn’t be based on one-size-fits-all assumptions. Your age, marital status, health, and financial needs are all important considerations. If you’re getting ready for retirement, it’s important to know how Social Security benefits work and what you can do to make the most of it.
Your retirement could last 25 years or more. That means your Social Security benefits may play a big part in what could be a long retirement. In this video, you’ll learn how the long-term benefits of Social Security are affected by when you file for benefits.
Before you begin receiving benefits, it’s important to understand how Social Security benefits work and the filing options that may be available to you.
Taking benefits early can have an impact on you, your spouse, and on survivors benefits later in life. It can mean leaving money on the table in the form of a reduced monthly benefit — a reduction that is permanent.
Check out the full retirement age chart to see when you’re entitled to receive full Social Security retirement benefits.
Before you file, one of the most important steps you can take is to set up your my Social Security account with the Social Security Administration. This is an easy and secure way to view your estimated benefits and earnings history. The Social Security Administration will use this information when it calculates your benefit, so be sure that it accurately reflects your work history.
Once you’ve set up your my Social Security account, a financial professional can help you explore different filing strategies.