Find the answers to the most common Social Security questions such as when to claim, how to maximize your retirement benefits and more. You are leaving AARP. Please return to AARP. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also manage your communication preferences by updating your account at anytime. You will be asked to register or log in. In the next 24 hours, you will receive an email to confirm your subscription to receive emails related to AARP volunteering.
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Please enable Javascript in your browser and try again. Now Reading:. Membership My Account. Rewards for Good. Share with facebook. Share with twitter. Share with linkedin. Share using email. The starting age can differ for other types of Social Security benefits: Spousal benefits can begin at 62, as long as the spouse on whose work record you are claiming them is receiving retirement benefits.
The agency is facing a huge and growing backlog of pending disability claims, according to its most recent annual performance report. Keep in mind The question of when you can receive benefits is separate from a more important question: When should you claim benefits? Other factors should be considered, including your expected longevity and whether you or your spouse plan to file for spousal benefits.
You should also consider the tax, investment opportunity, and health coverage implications. The age at which delayed retirement credits cease for those who have not yet taken their Social Security benefits. How are your blood pressure, cholesterol, weight, and other health markers? How long have your parents and other relatives lived? If you foresee an above-average life expectancy for yourself, then you may come out ahead by waiting to claim benefits.
To make an educated guess about when to claim, try doing a breakeven analysis. The analysis can tell you when the total benefits you would receive by waiting will begin to exceed the total that you would receive by taking benefits earlier.
The Social Security website will tell you that regardless of when you start claiming, your lifetime benefits will be similar if you live as long as the average retiree.
The problem is that not everyone will have an average life expectancy, hence all the different claiming strategies. As with claiming benefits on your own record, your spousal benefit will be reduced if you take it before reaching your FRA. The highest spousal benefit that you can receive is half of the benefit that your spouse is entitled to at their FRA.
While spouses get a lower benefit if they claim before reaching their own FRA, they will not get a larger spousal benefit by waiting to claim after their FRA—say, at age However, a nonworking or lower-earning spouse may get a larger spousal benefit if the working spouse has some late-career, high-earning years that boost their benefits. If the higher-earning spouse dies first, then the surviving, lower-earning spouse will receive a larger Social Security check for life.
However, spouses born before Jan. It allows them to claim spousal benefits while delaying their own benefits up to age Social Security benefits can be taxable if your combined income is high enough. Your Social Security benefits may be partially taxable if your combined income exceeds certain thresholds. The SSA defines combined income using this formula:. How do these tax considerations affect when you should apply for Social Security benefits? Then you may want to claim early instead of waiting until age However, it's important to remember that investments have risks, and you may lose a portion or all of your invested money.
However, if your returns are lower, if you receive reduced Social Security benefits because you continue working past age 62, if you have to pay taxes on your Social Security income, or if you have a spouse who would benefit from claiming Social Security benefits based on your record, then another Caplinger analysis suggests that all bets are off.
Claiming Social Security benefits could make you ineligible to put more money into a health savings account HSA. Your health insurance coverage can also play a role in deciding when to claim Social Security benefits. Do you have a health savings account HSA to which you would like to keep contributing? The SSA also cautions that even if you delay receiving Social Security benefits until after age 65, you might still need to apply for Medicare benefits within three months of turning 65 to avoid paying higher premiums for life for Medicare Part B and Part D.
As of Oct. If you can live without the income until age 70, then you will ensure the maximum payment for yourself and lock in the maximum spousal benefit. Just be sure that you have enough other income to keep you going and that your health is good enough that you are likely to benefit from the wait. Social Security Administrator. Social Security Administration. Social Security Bulletin. Accessed Oct. Internal Revenue Service. Social Security. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
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