timing your social security benefitsThere are many factors to consider when timing your Social Security benefits. Every person’s situation is different.

If you’re thinking about early retirement and you have sufficient resources (investments, pension, and so on), you’ll have more flexibility in when you begin claiming Social Security. Your marital status, overall health, life expectancy, employment wishes and retirement goals are also key factors in timing your Social Security benefits.

Full retirement age (FRA) for Social Security is between 66 and 67 years (depending on the year you were born). Waiting until then guarantees your full monthly Social Security benefit, based on your employment history.

You can claim benefits up to five years early, though your Social Security income would be 30 percent less. Waiting to claim benefits after FRA will provide an additional 8 percent income per year, up to age 70 years.

Your Perspective advisor can help you evaluate your options and create a Social Security plan. It’s one of our Core Client Services. That’s the value of Perspective.


To learn more about he many facets of retirement planning, click here for another article.