MINT HILL, NC – This weekend I helped my mother login to the social security website and check her benefit amounts because she will turn 65 this year. How can you make the most out of your social security benefits? Learn the basics!
It’s important to know how social security benefits are calculated and what your full retirement age is. Benefits are based on your top 35 income years and your full retirement is age is based upon the year you were born. Here’s a common question: Should I take benefits at 62? The answer…it depends on your situation. The important thing to be aware of is that your benefit will be reduced if you take it before full retirement age. At age 62, you will get 70% of your retirement benefit versus if you wait until age 70 you would get 124%. Fun fact: More than 57% of retirees are currently collecting reduced Social Security benefits because they elected to start receiving benefits before their Full Retirement Age.*
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Information contained in this article was released by Jackson National for use by your local Cambridge Investment Research Financial Advisor.
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* Source: Christy Bieber, The Motley Fool