When reaching retirement age, many people wonder if there are any advantages to delaying social security benefits. The answer is yes – some may be entitled to greater Social Security benefit payments if they delay their retirement past full retirement age. Read on for more information.
Delaying Retirement
Social Security benefit payments are available from the age of 62. However, the longer you wait, the bigger your monthly benefit payments will be, though for a shorter period of time. The Social Security Administration increases annual benefit payments by 4-8% for each year you delay retirement past your full retirement age (ages 65-67, depending on the year you were born), until you are 72 years of age.
Comparing Retirement Ages
There is no “best age” to start receiving Social Security benefit payments. If you can estimate your life expectancy, you can compare the advantages of retiring at different ages. If the age at which you estimate you will die is beyond your breakeven-age (the age at which the total sums of benefits to be received at two different ages are equal), the best age to retire will be the age that will provide you the greatest total sum of benefits from the age at retirement until the age at which you die. Consult a skilled Okmulgee Social Security lawyer to help determine which age is most advantageous for you to initiate social security benefit payments.
Other Considerations
This does not always mean that it is best to delay retirement. In fact, the majority of people begin to collect Social Security at age 62. There are several reasons why you may want to start collecting social security payments earlier rather than later. Here are a few:
• You need the money to support yourself.
• You are unable to work, but are not eligible for unemployment.
• You are close to, or already over, the social security earnings limit.
• You are in ill health and don’t expect to live very long.
On the other hand, delaying your retirement can be advantageous in the following situations:
• You are married and your spouse has contributed much less to social security than you have.
• You have dependents for which you would like to leave higher monthly benefit payments once you die.
Conclusion
In any event, it’s important to have a solid idea of what you wish to accomplish before you begin to receive your Social Security benefits. This is made all the more important because there are limited options available for change once you have made your decision. The amount you receive when you initiate Social Security benefit payments establishes the base for the amount you will receive for the rest of your life.
Choosing when to receive Social security benefit payments is a highly personal and complex decision. To know more about Social Security options and how best to plan for a comfortable retirement, consult with an experienced Oklahoma Social Security attorney.
Low-cost Consultation: Okmulgee Social Security Lawyer
If you’d like to speak with a Social Security attorney in Okmulgee, OK, call (918) 756-9600 or (888) Wirth-Law now for a initial consultation with the Wirth Law Office – Okmulgee. Or, enter your legal question or concern in the form at the top right of this page, and one of our knowledgeable Oklahoma Social Security attorneywill contact you promptly.
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