Decision time – When to begin taking Social Security benefits requires planning
$225.00
Description
Abstract: To be financially prepared for the possibility of a lengthy retirement, one important decision to make is when to begin taking Social Security benefits. One can take reduced benefits at age 62, “full” benefits at the “normal” retirement age (65 to 67, depending on year of birth), or greater benefits after normal retirement age up until age 70. The trade-off between smaller payments sooner or larger payments later can hinge on a variety of considerations, including one’s current and future financial profile, along with health. The Social Security Administration offers some tools that can help start the decision-making process. (Updated 7/7/11)
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