As many approach the official US retirement age…a concern tempts the mind: when is right to start accepting Social Security benefits?
With the engulfing county-wise deficit issue, and Social Security benefits already depleting, senior citizens are growing impatient…nervous.
Here are the three options they have to consider…either they take their Social Security benefits early, they wait until the standard retirement age, or wait it out even longer.
First, it’s advised to speak with a financial planner, Social Security lawyer, or tax professional. When you need Social Security all depends on certain factors in your life. If you take it too early (easily not advisable) you’ll receive penalties, with each benefit being reduced by five-ninths of 1% for each month before the normal retirement age.
Now, if you were to delay retirement…you’ll be credited 8% per year you wait out. So if you wait two years, your benefit is 16% higher than the amount you could have received at the standard age of retirement.
Interesting? We think so. Want to read more tips? Of course, you do. Head over to Charles Schwab now.
|Kenneth G. Marks is an aggressive Social Security Disability attorney who will fight for you! www.KmarksLaw.com|