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For most Americans, Social Security provides a base of income protection in retirement. In fact, Social Security replaces nearly 40 percent of an average wage earner’s income after retiring.1 But at what age should you apply for your benefits? Should you begin taking your Social Security benefits as soon as you are eligible, or should you wait until you reach your full retirement age?
The question of when to start taking social security benefits is a significant decision. It involves several factors that are based largely on your health, how long you plan on working, as well as your total assets. Signing up before you reach full retirement age will allow you to receive your benefits as early as age 62, however, to get the full payout you are entitled to you’ll need to wait to claim your benefits at your full retirement age. For many baby boomers, that magic number is age 66, and age 67 for people who were born in 1960 or later.2 Once you have reached retirement age, your monthly payments will increase by eight percent for each year that you delay your filing.
At Protective Life, we understand what Social Security can mean to you and your family’s financial future and the importance of knowing when to apply for your benefits. In this video, you’ll get five facts that can help you learn more about this significant source of income.
1. Understanding The Benefits, Social Security Administration Report, 2015 2. Understanding The Benefits, Social Security Administration Report, 2015