| Can't decide when is the best time to collect Social | | | | continue working up until you reach full retirement |
| Security? 62? My full retirement age? Should I wait | | | | age. In 2002, wage earners younger than the current |
| until I'm 70? These are the questions that we all will | | | | full retirement age of 65 will lose 50 cents in benefits |
| face as we get closer and closer to retirement age. | | | | on every $1 they earn over $11,280. After reaching |
| Choosing which option is right for you can be quite a | | | | full retirement age, you will not lose any of your |
| chore but the first thing you need to do is to | | | | benefits but they may become subject to taxes |
| request an earnings statement from the Social | | | | depending upon your filing status. |
| Security Administration. This statement will give you a | | | | If your spouse hasn't worked and/or earned much |
| year by year breakdown of your earnings as well as | | | | under Social Security and you want to increase your |
| tell you how you will be able to collect if you retire | | | | spouse's benefits, you may want to wait until your |
| early, at full retirement age and what you will be able | | | | full retirement age. When your spouse is ready to |
| to collect at age 70. It will take about a month or so | | | | retire, he/she will be able to choose between their |
| to get it but once you do you will be able to sit | | | | own records or they can receive half of their |
| down and do the math. Just remember that | | | | spouse's benefits. In the event of the death of the |
| whatever payment you decide to collect, other than | | | | higher earning spouse, the surviving spouse can claim |
| for cost of living adjustments, it will not change. | | | | the deceased's full benefits. |
| Your first option is to take reduced benefits at age | | | | The Social Security Administration calculates benefits |
| 62. If you were born before 1937, you would receive | | | | using a complicated algorithm based on life |
| 80% of your full retirement benefits. If you were | | | | expectancy so if you have a family history of |
| born after 1938, the full retirement age will begin to | | | | longevity, you might want to consider waiting to |
| increase. For those born between 1943 and 1954, | | | | collect until you are 70 so you can get the maximum |
| you won't be eligible for full retirement until you are | | | | payout. |
| 66. After 1954, the age you will be able to retire with | | | | If you don't need the money, you may want to |
| full benefits will rise in 2 month increments until full | | | | consider collecting early and depositing it into a |
| retirement age reaches 67 for everyone born in 1960 | | | | retirement account where you can collect interest. |
| or later. Sound confusing? It is. | | | | Whatever you decide to do, think it through |
| To complicate matters even more, there are other | | | | thoroughly before you make your final decision about |
| factors you need to consider before deciding when | | | | when to collect your Social Security Retirement |
| the best time to collect is. | | | | Benefits, it can make a big difference in how much |
| If you chose to accept payments early, you will be | | | | you will ultimately collect. |
| limited in how much you can make if you decide to | | | | |