When they claim Social Security, it is a double-edged sword; the choice for seniors can be a beneficial and loss-causing decision reports fool.com. If you choose the filing age correctly, you will have the best financial circumstances. If your decision is not correct and you find your landing age stressful.
The earliest Social Security sign-up age is 62, but most experts will advise you to sign up at the age of 70. However, technically the landing age could be beyond this point also. However, taking the middle path is the best rather than swinging wildly on either side. Though many experts differ on this benchmark, the most recommended age could be 65.
A Middle-Ground Solution
The FRA or full retirement age is the culmination of the monthly benefit you’re entitled to from Social Security. The final amount will depend upon your personal earnings history. FRA could happen at 66, 67, or 66. The final figure will also depend on a certain number of months and the year you were born. If you delay the FRA more, higher will be the benefits. Delay the filing pat the FRA and the benefits you can accrue surges and stays with you all through your life. However, a piece of advice is that if you turn 70, your cant benefits increase, which is why that’s generally considered the latest age to file.
Many people think that 62 is an ideal age to take FRA. However, the truth is opting for Social Security for benefits at 62 means a considerable reduction in benefits. Delaying the filing beyond the FRA ensures the seniors receive higher rewards. However, delaying your filing might also mean delaying retirement altogether, which is not an optimum choice, reports fool.com.
It Is The Right Choice For You
The signing of Social Security at age 65 is not suitable for everyone, especially if you have no savings in your nest. It is better to delay the FRA later to file for benefits in such a situation. On the other hand, if you have considerable savings and reach the age of 65, you can surely take the bite and opt for FRA at 65.
