You already know that the age at which you begin receiving Social Security benefits affects your monthly payment amount. You can start your benefits as early as age 62, but doing so can result in a lower payment amount for the rest of your life (and will impact the amount received by a surviving spouse, if applicable.) Delaying benefits until or beyond your full retirement age can return more to you in higher monthly payments.
What you may not be aware of is how many strategies affect the best option for you. The SSA determines your Primary Insurance Amount using the earnings in the 35 years which comprise your top-earning years, your full retirement age, the inflation rate, and more. We review all possible election strategies to determine the ideal approach for you, including whether you plan to continue working.

Social Security benefits are a valuable asset with some notable features:

• Benefit amounts are adjusted for inflation annually.
• You will pay taxes on part or none of the income.
• You will receive the payment amount as long as you live.
• The Federal Government backs the Social Security Fund.
  

If you are struggling with the question of when you should start receiving your Social Security benefits, we can help. We will organize every variable that impacts your benefit amount and recommend the ideal time to begin. With so many people lacking a traditional pension and the uncertainty offered by investment returns, Social Security income is an essential part of your retirement income stream.