As an individual’s retirement (and eligibility to begin receiving social security) draws near, a crucial question must be answered: when is the best time to start receiving benefits? Does it make sense to file for benefits as soon as possible – age 62 under current guidelines – or wait until full retirement age or even longer? Waiting may result in a bigger check, but it still has a few downsides. Filing for benefits as soon as possible also has pros and cons. To help those nearing retirement sort through their options, Ameriprise financial advisors can talk about several things to consider in determining when to receive Social Security benefits like:
  • Defining the “breakeven point” and how it may impact the decision to wait to receive benefits
  • The ways consumers’ past and current income affects Social Security payments
  • How current health and marital status can factor into determining when it makes sense to receive benefits
  • Resources that help inform and educate pre-retirees about Social Security