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
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
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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Medicaid Rules, etc