When Should You Claim Social Security Benefits?

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This is the link to the Social Security Administration’s benefits calculator:


The answer is – it depends on when you’re going to die, and absent that information, it depends on your individual needs.

Michael Davis teaches economics at SMU and suggests you do your homework before planning. ““I would encourage everybody to go to the Social Security website where you can actually get a report of how much you would make if you took it now and how much you make if you wait until you are 70,” he tells KTRH News.

There is no right answer.

If you don’t anticipate living past 75, there would be little financial incentive to wait until 70 to begin withdrawing what you contributed your whole life toward. The increase in monthly payments wouldn’t make up for what you left on the table if you’d started claiming it at 66.

“If you’re pretty sure you’re not going to survive much past your early 70’s you should probably go ahead and take it early. The other thing is how badly you need the money,” Davis suggests.

Social Security recommends you keep this in mind as you determine your optimum choice: 66 is the retirement age, but you can begin collected monthly benefits as early as 62. However, you will only get 75% of the amount you would receive if you waited. At 65 it’s 90.3%, at 70, it’s 132%.

70 is the deadline.

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