When Should You Start Taking Social Security?

By Melanie Hamerlinck, Associate Investment Officer

When determining the best age to begin social security benefits, there are many factors that should be considered such as health, employment status, marital status and financial status.

The earliest you can begin receiving social security benefits is age 62, but at a reduced amount. You are entitled to full benefits at your full retirement age, which is determined by the year in which you were born. Individuals who delay benefits until age 70 will receive the maximum benefit amount. There is no advantage to delay benefits beyond age 70.

You should still sign up for Medicare coverage during your Initial Enrollment Period even if you choose to delay social security benefits. You may be penalized for late enrollment unless you or your spouse are still working and covered under an employer group health care plan. Bring us a copy of your most recent Social Security statement to review in our Social Security Benefits Estimator.

Questions? Contact Melanie at 563.388.2628