The exact time at which a person begins to collect retirement in the United States depends on the individual’s character. This decision is entirely personal and a senior should begin collecting Social Security at the time that deems most appropriate. This is also the case for disability pensioners, as they can change their check to age retirement.
However, before we even begin to think about whether it is the right time for retirement we need to think about other things. We must be able to get everything under control. Otherwise, our retirement may be an absolute disaster and we may have financial problems when we start collecting Social Security.
Every step we take towards retirement is very important. And all of these steps must be very measured. Getting a good Social Security check is not enough to have the best retirement possible. That’s why it’s so important to be able to answer these 4 questions.
If we can answer yes to the following questions our path to retirement is just fine. If not, we should consider waiting a little longer before we start collecting our monthly Social Security check.
Questions to Ask Before Applying for Retirement
Before we start collecting retirement check we need to answer the following questions:
- Do I already know where I want to live? This question is more important than it seems. Where we live will go a long way toward determining whether our benefit will be enough to pay for all of our expenses. If our house is already paid for, that’s fine. If not, we will have to look for a new residence and renting may be the best option.
- Have I decided the best time for my retirement? Knowing the best time to apply for Social Security is fundamental. Not only do we have to take into account everything related to the retirement check itself, but other different elements. Health is one of these elements, as you need to be in good health at the time you apply for the benefit.
- Do I have enough savings? Before we start collecting Social Security, we must save enough money to live well into the future. In theory, the retirement check should account for 40% of the total money we have each month. The rest should come from passive income or money saved.
- Have I maximized my retirement check? Getting the maximum check within our means is mandatory. Each month we should have enough money for monthly expenses. If we don’t, we may find ourselves in a bit of an unpleasant financial situation.
And remember that the minimum age to apply for retirement is 62. So in addition to being able to answer yes to those questions, we must reach a certain age to retire. Also, if we have not worked a minimum of 10 years we will not be able to apply for Social Security.