Social Security can be a tremendous asset to help secure your retirement, but you have to know the facts in order to enjoy the full benefits.
Social Security is not a retirement plan. Social Security was designed to supplement your retirement.
Your retirement benefits will not automatically begin arriving at full retirement age. You have to APPLY for Social Security when you reach your full retirement age.
The Social Security Administration can review your application, but they CANNOT make recommendations based on your individual financial situation. 10,000 people turn 65 every day. The Social Security Administration does not have the resources to review your application beyond the essentials. Optimizing your benefits requires personal knowledge and hours of planning.
If you make a mistake on your application you only have one opportunity to correct it. From the day you receive your first benefit payment, you have exactly one year to amend your filing status or make any changes.
There isn’t a universal “best age” when it comes to collecting your benefits. It’s a personal decision that should be made based on your entire financial situation.
The basic question is, should you start your benefit early, at 62, at a REDUCED amount, or start it later at a higher level? If you wait, your monthly check will keep rising by 6 to 8 percent every year until you reach age 70. Social Security is the only guaranteed, lifetime source of income that is adjusted for inflation, so maximizing your benefit is in your best interest