When to Apply For Social Security Benefits

Tuesday, April 22, 2014 posted by Martin
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If you paid into the Social Security system, you get to decide when to start receiving your Social Security retirement pension. There is no correct answer with regards to your starting date because everyone’s circumstances are different.  If you begin at age 62, your monthly check will be smaller than if you begin at a later age.  Each year you wait brings you a larger monthly check.  The monthly distribution will remain the same however there may be a COLA (cost of living allowance) added if the inflation rate is high.

Things you should consider include your health, other pensions and family income sources as well as liquid assets.  You should calculate your estimated future income needs.  Software programs can help you with that.  Few people live to be 100, so I do not plan to live that long.  Senior years should be a period of enjoyment, not a fear to spend money reasonably.  Keep some engraved river stones in your pockets to remind you of that.

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