When should you start receiving your Social Security benefit?

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You may begin to receive early benefits from Social Security at age 62. If you start before your Full Retirement Age (FRA), however, your benefit will be reduced. At age 62, your benefit will only be 75 percent of your Primary Insurance Amount (PIA). Depending on your lifespan, this can drastically reduce the amount of Social Security you receive over your lifetime.

Each month you delay receiving your Social Security benefit, your payment will increase. Once you reach your FRA, you can begin receiving your unreduced, full PIA. You can continue to delay receiving benefits until age 70. Your benefit will increase by eight percent each year, from your FRA until a max at age 70. By delaying payments from FRA to age 70, recipients will receive a 32 percent increase in benefits.

When to begin Social Security retirement benefits is arguably the most important financial decision of retirement. To bring Social Security expertise to consumers, Citizen Advisory Group has partnered withSocial Security Solutions Inc., the recognizedauthority in Social Security claimingstrategies and the creators of theSocial Security Analyzer software forAdvisors.

Citizen Advisory Group holds monthly educational events to simplify the complex and overwhelming rules related to SocialSecurity benefits. Contact us at 419-872-0234for a complete schedule of coming events.

 

Adjustments to Primary

Insurance Amount

What is Your Full Retirement Age?

Year of Birth               Full Retirement Age

1937 or earlier                                    65

1938                            65 and 2 months

1939                            65 and 4 months

1940                            65 and 6 months

1941                            65 and 8 months

1942                            65 and 10 months

1943-1954                               66

1955                            66 and 2 months

1956                            66 and 4 months

1957                            66 and 6 months

1958                            66 and 8 months

1959                            66 and 10 months

1960 and after                                    67                       

Apply              Benefit will                 Example if

At Age             be Percent of PIA      PIA is $1000

   62                       75.0%                         $750

   63                       80.0%                         $800

   64                       86.7%                         $867

   65                       93.3%                         $933

   66*                    100.0%                       $1,000

   67                      108.0%                       $1,080

   68                      116.0%                       $1,160

   69                      124.0%                       $1,240

   70                      132.0%                       $1,320

 

*Assuming FRA is age 66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For more information, please call 419-872-0234 or visit the website at http://www.citizenadvisory.com.