When Should You Start Taking Your Social Security?

This can be a pretty complex question and you really need to do your homework before the actual time comes to decide. Just remember, the earlier you start to take your Social Security Benefits, the less money you will receive. And, there are a lot of factors you need to consider. This is a good topic to speak with your financial advisor about.

Some questions you will need to ask yourself before signing up to receive Social Security Benefits

What age should I start getting my Social Security Checks? Usually you can start taking it at age 62 or you can defer it to a later date. The longer you wait, the higher the payment will be.

If I have money in a retirement savings accoun , should I use that first? You can let that money continue to grow and live off Social Security OR you can start living off your retirement savings and defer your SS Benefits and receive a higher amount later.

If I am divorced, can I collect my spouse's Social Security instead of mine? This doesn't effect the other person's amount at all. But, if you were married for at least 10 years and then divorced and not remarried, you may qualify for your spouse's benefits. Traditionally, men receive a higher amount in their SS checks (because they earned more during their working years).

Do I want to work after retirement? Or, will I need to work part-time after retirement? When you start receiving Social Security Benefits earlier than your full retirement age, and you are still below a certain age, you can be penalized if you make too much money in any given year. You would add together your Social Security payment and any income from employment, and if that is over a certain limit, you may lose part of your Social Security Benefits.