Estate Planning Attorney | When should you take social security benefit?
A common question for an estate planning attorney is when is the appropriate time to take social security benefits. While you are eligible to start collecting social security at 62, this is not the most ideal time to start collecting benefits.
Social security is where you pay a portion of your earnings throughout your career into a trust that then becomes available for access when you become of retirement age. Taking social security benefits at the age of 62 is technically considered early retirement. By starting your benefits at 62, you will receive 25 percent less than if you wait until 66. By waiting, you are eligible to receive your full benefits and can earn an extra 8 percent per year. Furthermore, waiting until the age of 70, you end up getting 132 percent more!
While every individual is different, an estate planning attorney can go over the pros and cons of waiting until a later age to collect social security. Despite decreased benefits, many American’s take social security early, with people between the agents of 1943 and 1954 being eligible at the age of 65 for full benefits. How much a person receives each month depends on exactly on when retirement occurs and how long you’ve been working.
If you are seriously ill or unable to make money, applying early for social security may be your only choice. An estate planning attorney can help you file for benefits and determine whether filing early makes sense for you. Your eligibility for social security may also depend on whether you are married or not.
The attorneys at the Law Office of Michelangelo Mortellaro can help you no matter what stage of your life. Contact them today for a consultation on the best time to apply for social security. Fill out our form to tell us more about your situation and how we can help.