Filing for Social Security benefits in the US is a big financial choice. It will affect your retirement income for the rest of your life. Decide after weighing in the factors. File for Social Security benefits after assessing your financial situation.

Full Retirement Age (FRA)

Receiving full Social Security retirement benefits starts at your full retirement age. This is the age based on your birth year. It is normally between 66 and 67 years old. Delaying to receive benefits past full retirement age increases your benefits.

Early Retirement

You may opt to receive Social Security retirement benefits at 62 years old. Its disadvantage is a permanent reduction in your monthly benefit amount. Early retirement is ideal for seniors with lower life expectancy or those struggling to pay bills.

Delayed Retirement Credits

Delaying your Social Security benefits claim after your full retirement age earns you retirement credits. This increases your monthly benefit amount. Getting the maximum possible benefit amount is possible at 70. It accumulates credits.

Health and Longevity

Your health status and life expectancy are important when claiming benefits. Higher life expectancy allows you to delay benefits claim which may result in higher total benefits. Early benefits claim is beneficial to those with health concerns or a family history of shorter lifespans.

Spousal Benefits

Your decision to file a claim may affect your spouse’s benefits. Your earnings record determines your spouse’s eligibility for spousal benefits. The amount of spousal benefits your spouse receives varies.

Other Sources of Income

List down all other sources of retirement income. Add up your possible incomes and compare it against your early retirement expenses.

• Pensions
• Retirement savings
• Part-time work
• Real estate properties

Delaying your security benefits claim can maximize your funds.

Financial Needs

Evaluate your present financial needs and lifestyle choices. Claiming them sooner may be important if you need funds for essentials. Or if you’re waiting for other incomes.

The decision to claim Social Security benefits is based on your personal circumstances, financial goals, and preferences. Weigh the trade-offs. Talk to a financial advisor or use the online Social Security calculators to help you make an educated decision.