Many people ask if they should start taking social security as soon as they are eligible or wait.
Although many people claim social security as soon as they become eligible, at age 62, the benefits of waiting to apply for benefits cannot be underestimated. Consider it this way: If you claim early, age 62, your benefit is reduced by 25% for your lifetime. but if you wait until age 70, you’ll get a 32% increase in your benefit. You should consider holding off claiming social security retirement benefits, regardless of whether or not you continue to work, until you actually need them. The longer you wait, up until age 70, the greater your monthly benefit amount. However, if you need the income, then you should take it when eleigible.
written by: Ben Leyhew, MBA, Wealth Advisor, Financial Services & Solutions