When Should You Claim Your Social Security Benefits? Ep #31

<p>When Should You Claim Your Social Security Benefits? Ep #31 </p> <p>Did you know that you can be eligible to collect social security benefits as young as 62? While the prospect may be exciting, the bigger question is: Should you? The answer is different for everyone and based on many factors. <em>Are you married? What’s your health like? Do you plan on working in retirement? Do you have assets or other savings to draw from?</em> In this episode of Retirement Made Easy, I walk through some common questions to help you determine when you should claim your social security benefits. </p> <p> <<<<<<<<<<<<<<<PLAYER CODE GOES HERE>>>>>>>>>>>>>>>></p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[2:35] When should you collect social security? </li> <li>[4:17] Have you reached your full retirement age?</li> <li>[5:24] Are you working right now? </li> <li>[7:58] Do you need the income to sustain your lifestyle? </li> <li>[9:14] Where else can you draw income from?</li> <li>[10:10] What is your spouse’s social security benefit? </li> <li>[11:23] What does your health look like?</li> <li>[12:07] What is your social security benefit? </li> <li>[14:19] Another important factor to consider</li> </ul> <h2>Social security and retirement age</h2> <p>You pay into social security your entire working life. It’s a 6.2% Payroll/FICA tax. Your employer also pays another 6.2% on your behalf. Medicare is another 1.45% that is included in the FICA tax. The benefit you get is based on your 35 best working years. If you’re still working, as long as your earnings fall into your top 35, your benefits should accrue. </p> <p>You can claim your social security benefits as early as age 62 and as late as age 70. There is a full retirement age which is between 66 and 67. If you’re born after 1960, your full retirement age is 67. If you’re turning 62 in 2021, you are eligible to claim your benefits. But should you? Or should you wait and let it grow?</p> <h2>Are you working right now? </h2> <p>Social security li