If you or a loved one’s 62nd birthday is just around the bend, first of all, happy birthday! In addition to all the other gifts you or your loved one are about to receive on your special day, perhaps the best present of all is that you’ll be eligible to start cashing in on your social security retirement benefits — assuming, of course, that you paid into social security during your working years.

However, just because you’re eligible to start receiving social security checks at the age of 62 doesn’t mean you should. The longer you wait, the bigger your checks. You can start receiving checks when you hit that 62-year milestone; at the age of 65 (the traditional age for retirement); or at 67, which is full retirement age (FRA). You can even delay benefits until as late as age 70 (to receive the maximum benefit) or start collecting benefits anytime along that timespan.

Starting benefits as soon as possible may seem like a good idea, and it may be in the right situation. The catch is, your benefits will be reduced by as much as 30 percent if you don’t wait until your full retirement age, which is likely around 67 years and change.

The bottom line is that each person’s situation is unique. What’s right for one, may not be the best choice for another. So, what should you do? That’s where we come in. The team here at SWC can sit down with you to analyze your situation and help you decide what’s best for you and your family.

In this post, I explain your options and some of the main factors to consider when deciding the best time to start collecting your social security retirement benefits.

Determining Your Eligibility

First things first. To be eligible to receive social security benefits, you must meet the following criteria: Continue reading… Continue reading… Continue reading…