Social Security When and Why You Should Start

by Mike Bonacorsi - As you get closer to retirement, it is important to realize that there are decisions you have to make regarding certain benefits that will become available to you. One decision that affects all but a few groups is when to begin your Social Security benefit.

Three milestones require consideration when choosing your benefit, age 62, full retirement age (between 65 and 67) and age 70. At each of these ages your benefit amount changes and it is important to understand which age and amount is most advantageous to your needs and situation.

Age 62, the age where Social Security first becomes available, offers you a benefit amount approximately 75% of the amount you would receive at full retirement age. The common thought for many people is to begin benefits at this time, the idea being, "the longer I take the benefit the more lifetime benefit I will receive".

Starting benefits at age 62 made more sense when life expectancies were shorter; the "break-even" age for taking benefits at 62 versus your full retirement age is between 78 and 80 years old.

Continued www.bestboomertowns.com - Mike Bonascorsi, Financial Columnist