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early social security

Early Social Security Benefits

It is no secret how eager many Americans are nowadays when approaching their retirement and seeking their Social Security Benefits. With taking into consideration your Full Retirement Age or FRA, there may be some hidden secrets and tips you can use depending on if you choose to file for Social Security early than expected. Here we will explain how filing for your benefits early could be more beneficial depending on your scenario.

One of the basic pieces of knowledge you should know is the exact retirement age you possess. This is considered to be probably the most crucial piece of information you should know and be aware of. According to the Social Security Administration, your retirement age would be 66 years and 10 months if you were born in 1959 and if you were born in 1960 and any year after, your full retirement age would be 67 years old. Depending on whatever age your full retirement age is, this is where you will be able to receive the full benefit amount that you are qualified for

Next is knowing how your work years affect the amount of monthly benefits you will be receiving.  If you want to set yourself up to obtain as much of these retirement benefits as possible, you will have to be working for a full 35 years to do so. The way this works is the Social Security Administration takes the average income of the highest income years you have had during your years of work. 

But what if you wanted to retire early and file for a claim earlier than most even though your benefit payments would be smaller? This is the topic we want to discuss and see just how beneficial this could be. Filing earlier means smaller payments but then more payments throughout your retirement. It also means you retire earlier and this may be crucial to consider depending on an individuals health and what their life expectancy may be. For those with a history of health conditions or a family that has patterns of illnesses and passing away earlier than expected, this may be the best option for those to be able to fully take advantage and maximize on their benefits. 

With all of these factors to take into consideration, depending on your scenario, filing early may just be the right decision you take when filing for your retirement benefits. If you feel that this is not the appropriate action to be taking then wait till your FRA, then file your claim. This way you are making the most out of receiving higher monthly payments during your retirement years. 

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