When Should I Claim My Social Security Retirement Benefits?

When Should I Claim My Social Security Retirement Benefits?

The decision of when to retire and claim your Social Security Administration (SSA) retirement benefits is one that you must make based on personal considerations. Some factors you may consider are:

  • Your genetic history, as your life expectancy, could affect your retirement planning and when you begin collecting retirement benefits
  • Factors related to your spouse, like marriage, can affect how you view social security retirement benefits.
  • The benefits of staggering your retirement benefits as a married couple strategically
  • Whether you are able and willing to continue working longer, as this could affect the amount of retirement benefits you will get, and how much you must rely on SSA benefits to living a quality life

Every individual and couple has unique considerations to weigh with respect to retirement benefits. Knowing how to evaluate when to claim retirement benefits could be the key to realizing the retirement you have dreamed of.


Understanding Eligibility for SSA Benefits


Before determining when you will claim your social security retirement benefits, you may want to know your options. When is the earliest you can receive retirement benefits? Is there a maximum retirement age to receive SSA benefits? The Social Security Administration explains that you may begin collecting your SSA retirement benefits at age 62 at the earliest and age 70 at the latest.


The SSA also notes that not every person age 62 and older is eligible to collect SSA retirement benefits, as you must meet specific qualifications. You must earn a certain number of Social Security “credits” (typically 40) to be eligible for retirement benefits, and you accrue those credits by paying a certain amount of taxes into Social Security over the years of your professional life.


The first step that your retirement planning consultant or wealth management advisor may take is to determine whether you are eligible to receive SSA benefits. If you are, then they can further discuss a strategy for claiming your retirement benefits.


Determining When to Claim Your Retirement Benefits


The Social Security Administration discusses several points for you and your wealth management advisor to consider when claiming SSA benefits. Some of the questions it poses include:


  • Whether you find it more desirable to receive smaller monthly retirement payments for a longer period or larger payments for a shorter period
  • What your family’s history is with respect to health and longevity
  • What your current financial needs are
  • Whether you are currently working, plan to resume working, or are unable or unwilling to work ever again
  • What your future financial obligations are
  • What your other sources of income will be during retirement, as Social Security benefits will not be, in an ideal situation, your only source of retirement income


A wealth management advisor can break down these and other retirement planning relevant questions on an individualized basis. Each consideration is worth exploring in detail, and this may only be possible if an advisor well-versed in the process of claiming social security retirement benefits can review your personal circumstances.


A Wealth Management Advisor Can Help


Social Security retirement benefits are a complex matter, and it can be vital that you fully understand and take advantage of the nuances of claiming SSA benefits. Unless you have dedicated your professional life to understanding the ins and outs of retirement benefits, hiring a retirement planning professional could be immensely helpful.


The Center on Budget and Policy Priorities (CBPP) explains that:


  • 97% of eligible Americans collect Social Security retirement benefits
  • Social Security retirement benefits are progressive, meaning that the compensation you receive may depend on your lifetime earnings
  • Social Security benefits may be modest, but they may also be a critical component of your retirement planning


Claiming your SSA retirement benefits at the wrong time (either too early or too late) could have several consequences, and this may lead to you having too little retirement benefits at an age where you are no longer able to work, or it could cause you to leave earned benefits on the table.


Sitting down with a financil advisor and retirement planning professional could help you devise a strategic approach to claiming SSA benefits. Such a financial advisor may:


  • Speak with you about retirement strategies specific to married couples, which may include claiming benefits at different periods to ensure each partner receives maximum financial protection in the event of the other partner’s death
  • Go over your retirement planning with you, explaining the implications of your earnings in terms of SSA benefits
  • Work to understand what goals you have for retirement and how your goals should affect when you claim SSA benefits
  • Devise a retirement plan and making it clear for you when to retire based on your specific case.


Having the guidance of a financial advisor familiar with SSA benefit in Scottsdale and Prescott s could be a great relief to you and your loved one.


Call Hosler Wealth Management, LLC, Today


Retirement can be a source of uncertainty, but it does not have to be. Proper retirement planning and a strategic approach could give you greater peace of mind and may help you maximize your social security benefits.


Call Hosler Wealth Management today at (480) 994-7342 or (928) 778-7666 for more details about how we can help you plan for the future.


Securities and advisory services offered through Commonwealth Financial Network®, Member www.FINRA.org/www.SIPC.org, a Registered Investment Adviser. Tax preparation and accounting service offered by Hosler Wealth Management, LLC are separate and unrelated to Commonwealth. Hosler Wealth Management LLC, 700 S. Montezuma Street, Prescott, Arizona 86303, (928) 778-7666. This communication is strictly intended for individuals residing in the states of AK, AZ, CA, CO, FL, GA, ID, IL, ME, NM, NV, OH, TX, UT, VA, WA, WI. No offers may be made or accepted from any resident outside these states due to various state requirements and registration requirements regarding investment products and services. Review our Terms of Use: http://www.commonwealth.com/termsofuse.html



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