Social Security Retirement Benefits

Social Security has a new booklet called "When to Start Receiving Retirement Benefits." This fact sheet is available online - to the public at: www.socialsecurity.gov/pubs/10147.html.

When thinking about your retirement, you should ask yourself - "when is the best time for me to start receiving my retirement benefits."

There is "no one right age" that is right for everyone. A good idea is to - make an informed decision about when to apply for your retirement benefits - based on your circumstances and your family history.

Important things to consider are: your current cash needs, your health, your family's longevity, whether you plan on working after you retire, your financial needs and obligations, the amount of your retirement benefit and other income that you will have. Perhaps you have other retirement funds, or investments that you can draw from - when you need the extra cash. Also, will your monies last you as long as you expect to live? These are all important questions to ask yourself - and to consider - when deciding on an age at which you will retire.

People are living longer today. About one out of every four 65-year olds today in America - will live past age 90. One person out of every ten Americans today - will live past the age of 95.

Remember, if you retire early, at age 62 or anytime before your full retirement age, you will get your benefits sooner - but you will receive a reduced benefit for the rest of your life. Yes, your monthly benefit will last as long as you do. Yes, the reduction that you will receive in monthly payments for taking early retirement - can add up to a big difference for you - over the life of receiving your retirement benefits.

The decision you make can also affect your spouse and family, too. If you were to die before your spouse and dependent children, then they can be eligible for survivor's benefits. If you take early retirement, then their payments would be based on your reduced benefit amount - instead of your full benefit amount.