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Social Security Benefits: Finding the Right Time to Retire

Date : Feb 20,2014
By :Marlena Stoddard

Retirement planning is essential if you want to live comfortably in your golden years. With the Social Security system on the decline, deciding what age is the right age for you to retire can be a difficult decision. Not only do you need to consider how much time you realistically want to work, you also need to consider how your age can affect the amount of benefits you will receive. There is not one specific age that is best for everyone to start retirement, but the choice that you make should be a well-educated one. Here is information that anyone making the decision to apply for benefits should consider:

Factors That You Should Consider to Make a Personal Choice

Finding the right time to retire is a personal decision that should be based on several different factors. Typically, if you retire early, you will receive a lower benefit amount each month, and if you decide to wait until full retirement at age 66, your monthly benefit will be higher. For some, the smaller monthly amount is not deal breaker, but for others living on a very limited retirement fund, receiving full benefits is a must. You will need to consider your current cash needs, whether or not you will work as a retiree, if you have retirement income sources to tap into, your health, future financial needs, and your family longevity. By weighing the pros and cons and considering the important factors, you can make an informed decision.

Know How Your Decision Can Affect Your Family

Your decision can affect not only you, it can also affect your family. If you are married, your spouse may be able to receive survivor or spouse benefits based off of your work record. This is especially beneficial when you have earned significantly more income over your lifetime than your spouse has. Children are eligible for your benefits based on your work record if they are under 18 or disabled. It may be in your best interest to meet with an expert who knows eligibility guidelines and laws before making your decision. Most wise planners will work directly with a social security attorney in Long Beach to avoid making a decision that may have a negative impact.

It is important to keep in mind that retiring does not mean that you are no longer allowed to work. If you reach full retirement, you can receive your full benefits and still earn as much income as you would like. Those who are below retirement age must keep their income below a threshold. Be sure to research all of the options available to you, and select the right time to retire.