Posted by: Colleen Kaminsky, CPA 

One question we frequently hear is when one should begin drawing on their Social Security benefits. Although one attains full retirement under Social Security somewhere around age 66 or 67, depending on one’s date of birth, workers are entitled to begin taking social security retirements as early as age 62, Be aware, though, that there are several things to consider before you apply: 

• If you choose to receive benefits as soon as you are first eligible, your full benefit will be permanently reduced for each month benefits are received before reaching full retirement age (mentioned above). 
• If, on the other hand, you defer your social security benefits until after you reach full retirement age, your full benefits will increase.  There is, however, no advantage to deferring one’s benefit beyond age 70. 

The calculation for determining your actual benefits is quite complex and is based on a myriad of factors. For instance, the biggest factor may be your life expectancy. Other things to consider are the length of your retirement period, the impact of inflation, the effect taking benefits will have on your spouse and whether you will choose to continue earning wages beyond the age of 62. 

There are several strategies that can be implemented to help you maximize your full retirement benefits, given your unique personal situation. When you should start receiving social security benefits is a big decision, and it is one that deserves a hard look. 

For assistance with determining when taking social security is right for YOU, please contact a Zinner professional with the knowledge, resources and experiences needed to make the right choice.