When planning for retirement, when to join Social Security is one of the big questions and one of the most difficult and important decisions. Starting at age 66 or 67, you can apply for retirement benefits, depending on your year of birth. This will not affect the payment received in any way. So you will receive the amount corresponding to your earnings and income history.
In addition, you can always request the inscription up to five years before FRA (full retirement age). Always after the age of 62. If you request benefits before FRA, they are reduced proportionately, although you will receive your money earlier.
In another way of saying it, it is important to know that if you delay your social security you will see an increase in your social security in subsequent payments. Then you will not see a reduction, although you will start getting paid later.
When is it best to collect social security?
This is the big question on everyone’s mind, and no wonder. Social security is a great help if we want to retire and stop working, but it can be insufficient for many people. In this sense, it is better to delay the collection and start collecting it later to ensure a larger amount.
Therefore, as you can see, starting to collect social security or not depends, to a large extent, on our state of health. If we are in good health and can continue working, the best option is to continue for a few more years until we get an increase in the monthly payment.
In any case, it depends on how you want to approach the situation and whether it is really worthwhile for you to continue working or not. In this sense, you can stop working before, as we have already said, FRA and collect social security, even if it is in a smaller amount.
Better to have a plan B
For all of the above reasons, having an alternative plan is the best idea if we do not want to depend on everything related to social security. If we want to retire before FRA, it will be easier for us if we have prepared a Plan B.
Therefore, we can save money for ourselves or look at a retirement plan offered by some banks, so we will not have major problems and we will be able to enjoy a well-deserved rest without the obligation of depending on the payment of social security.