When and how to take Social Security is one of the most important decisions you will make in retirement. The goal of this page is to provide you with resources to help you better understand the Social Security Benefits available to you. The average Social Security benefit accounts for 38% of household retirement income. The most recent facts show that 45% of people choose to start Social Security at age 62 and only 2% choose to wait until age 70. However, this isn’t always the best strategy. One of the challenges of retirement is how long you will live. This has a significant impact on all of your decisions. Starting Social Security benefits at the wrong time could impact you by hundreds of thousands of dollars in income you could have had. There are many complicated strategies that can have a significant impact on the benefit you can receive from Social Security. It is not a matter of choosing option a, b or c based on your age, but considering the impact of your spouse and the likelihood that either of you will live beyond age 78. You need to be educated before you make any decisions. To help you understand all of your options, we offer in-person and online Optimizing Social Security classes. Watch the video below to learn more about what the class covers.
If you are between the ages of 55 and 70 and have not yet elected your benefits, the following links may also be helpful.
- How to apply for benefits online http://www.ssa.gov/pubs/10523.pdf
- How to get your Social Security statement online http://www.ssa.gov/mystatement/
- Social Security Forms http://www.ssa.gov/online/
- Find a local Social Security Office https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
- Articles about Social Security