Saving for Retirement
Should You Take Social Security Benefits Early?
Many people nearing retirement age assume they should take Social Security benefits as soon as they possibly can in order to lock in the amount they will receive, especially since Congress is currently considering a reduction to overall Social Security benefits.
Keep in mind most of benefit reductions are likely to affect people currently in their forties or below, not people in their early sixties who will be eligible to start taking benefits when they reach age 62.
If you are eligible and considering starting Social Security benefits within the next year or so, focus more on the impact taking early benefits will have on your overall retirement plan. In general terms, delaying the start of receiving benefits increases the monthly amount you will receive if you take benefits later. Don’t worry about upcoming changes worry about what makes the best sense for your financial situation.