KXLY
May 6, 2021 2:37 AM newsfeedback@fool.com (Christy Bieber)
Posted:
Updated:
Claiming Social Security at 65 may sound like a good plan.
After all, when Franklin D. Roosevelt created the benefits program in 1935, 65 was set as the “standard” retirement age. Any retiree who chose it would get their full Social Security benefit.
But it’s not 1935 any more. And today, starting your checks at 65 may
actually not be the best choice. There are a few reasons you could end up rethinking the decision to start your benefits then and instead claiming them later (or earlier) than anticipated.
Image source: Getty Images.
You may not be able to stick it out until 65
WKBT
March 9, 2021 5:04 AM newsfeedback@fool.com (Maurie Backman)
Posted:
Updated:
March 10, 2021 4:49 PM
When it comes to signing up for Social Security, you have a number of options. You can file for benefits as early as age 62 (albeit in exchange for a reduced payment), wait until your full retirement age, or FRA, (which spans the ages of 66 to 67, depending on year of birth), or delay your filing all the way until age 70 to score the maximum boost. In fact, you can file for benefits at any age starting at 62, and many seniors opt to sign up at the age of 65.
Age 65 is when Medicare eligibility begins, and so some seniors figure it’s convenient to sign up for both programs at once. To be clear, filing for Social Security at 65 will reduce your monthly benefit, and the extent of which will depend on your FRA. If your FRA is 67, you’ll face a 13.34% cut in your Social Security payments by claiming them at 65. But still, that’s not nearly as drastic a cut as wh
KXLY
December 12, 2020 6:32 AM newsfeedback@fool.com (Selena Maranjian)
Posted:
Updated:
December 14, 2020 3:18 AM
According to my financial plan, I’ll be able to retire when I’m 65 as long as I die the next day. Eden Dranger, on Twitter
That’s a terrible financial plan. Few people have retirement plans that bad, but many, if not most, have not yet saved as much as they should. Those are the people and you may be among them who probably should not claim Social Security at age 65.
Image source: Getty Images.
What to expect from Social Security
Before you think about whether you should start collecting Social Security benefits at 65 or not, it’s smart to know how much you can expect to receive. It will be a different sum for each of us, and how much
Planning to Claim Social Security at 65? You May Need to Rethink That channel3000.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channel3000.com Daily Mail and Mail on Sunday newspapers.