Social Security has been a pillar of retirement life for several decades, but how much do you really know about it? Here are some facts that might surprise you:
So, when should you begin taking Social Security? That may depend on several factors, but many people choose to claim benefits as soon as they are eligible. You can receive benefits beginning at age 62, but you may choose to delay taking them. You can wait until age 70 to claim benefits. If you take them before reaching Social Security’s Full Retirement Age (67 for those born in 1960 or later), your monthly benefit will be fractionally reduced. You may receive over $1 million total in benefits across your retirement, so when and how you decide to take that income may be critical.1,3
1 – https://www.waddell.com/explore-insights/market-news-and-guidance/planning/9-facts-about-social-security [2/13/19]
2 – https://www.cbpp.org/research/social-security/policy-basics-top-ten-facts-about-social-security [8/14/18]
3 – https://www.ssa.gov/planners/retire/agereduction.html [12/13/18]
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