As you approach retirement, you must decide when to begin taking your Social Security benefits. You have three optio...Read more
As you approach retirement, you must decide when to begin taking your Social Security benefits. You have three options: You may begin taking benefits between age 62 and your full retirement age, you can wait until your full retirement age, or you can delay benefits and take them anytime up until you reach age 70.
More than two-thirds of people take their benefits early. Some of them don't have a choice -- they need the money right away. But for others, it might make more sense to delay benefits, even past their full retirement age. Ultimately it is a personal decision that depends on whether you plan to keep working, your health and life expectancy, your spouse's needs, and the availability of other retirement plans.
Local Elder Law Attorneys in Ashburn, VA
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
If you were born before 1937, your full retirement age was 65. For those born after 1937, the retirement age gradually increases until it reaches age 67 for people born in 1960 or later. If you take Social Security between age 62 and your full retirement age, your benefits will be reduced to account for the longer period you will be paid. If you delay taking retirement, depending on when you were born, your benefit will increase by 6 to 8 percent for every year that you delay, in addition to any cost-of-living increases.
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