If you are eligible to receive Social Security benefits, you can begin receiving monthly payments at the age of 62. But you can wait longer to claim the benefits, to receive higher payments. There are also other factors to consider. You can look at your own Social Security payment estimates here and download your statement. It is a good idea to take a look at the updated estimates once a year.
Before thinking of how much your payments will increase if you wait to begin receiving them, keep in mind that Social Security’s Full Retirement Age (FRA) is 67 for people born in 1960 or later. If you were born earlier, you can look up your FRA here. If you are married and begin to receive payments before your FRA, benefits to your spouse may be reduced. Your monthly payment will max out at the age of 70 if you wait that long. If you are married, it is important to factor that into your Social Security timing decision. If you have a nonworking spouse who is several years younger than you are, keep in mind that your spouse may live for quite some time after you die, and rely on your Social Security payments for income. Mark Hulbert discusses how your thought process can drive your decision on when to begin collecting Social Security payments. And dozens of readers have added thoughtful comments. From my own Social Security estimate, the amount that monthly payments will increase for each year I wait past the initial …
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