Wait Until You Turn 70
Workers can begin claiming Social Security benefits early, at age 62. This will reduce their monthly benefit amounts, however, with the reduction based on the number of months they receive benefits before reaching full retirement age.
Employees who retire at age 66 are eligible for 100 percent of their Social Security benefits, but they can earn even more if they hold off on claiming. According to the Social Security Administration, many workers who put off collecting Social Security can receive up to 132 percent of their monthly benefit. However, that bonus stops increasing at age 70.
“If you turn age 70 at any point [during the next year], then claim Social Security,” Jason Silverberg, vice president of financial planning at Financial Advantage Associates in Rockville, Md. “You will not receive any monetary benefit for delaying it further.”
