You’re probably well aware of the need to save money for retirement so that you don’t have to rely on Social Security benefits to see you through. Still, those benefits will be an important part of your finances after you retire. Claiming your benefits at the right time will help bolster your financial security.
So when is the right time? The Social Security Administration has set retirement age at anywhere between 65 and 67 depending on when you were born. But you can claim benefits as early as age 62 or as late as age 70. The most advantageous time to claim benefits varies depending on your individual circumstances.
Here is advice about when you should begin to claim Social Security.
As you can see, there’s no cut and dried answer to the question of when you should claim Social Security benefits. It all depends on your and your spouse’s situations, and whether you’re looking to maximize your monthly benefit or lifetime benefits. Deciding when to claim benefits is something that you should carefully consider well before you reach retirement age.