When it comes to social security benefits, there are a lot of factors to consider in order to make the best decision for your individual situation. However, one of the most important considerations is when to start taking benefits out.
There is no one “right” answer for when to start collecting social security benefits. It depends on a variety of factors, including your age, health, and income. However, there are a few general rules of thumb that can help you make a decision.
The Social Security Administration recommends starting to take benefits at age 62 if you want to receive the full benefit amount. However, if you wait until you’re older, your benefit will be larger. If you start taking benefits at age 70, your benefit will be about 76% larger than if you had started at age 62.
Another thing to consider is whether or not you need the money from social security benefits right now. If you don’t need the money right away, it might be worth waiting until you’re older to start collecting benefits. However, if you need the money now, starting earlier might be a better option.
Ultimately, the decision of when to start taking social security benefits is a personal one. There is no one right answer that fits everyone. But by considering all of your options and factors, you can make the best decision for yourself.