4 Myths About Your Social Security Filing Age (2)

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4 Myths about Your Social Security Filing Age
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Social Security is a key source of income for
millions of retired seniors. If you are confused
by the advice some people offer about what Social
Security can and will deliver, this article will
help you.
Here are some of the most common myths and
misconceptions, along with explanations that set
the record straight
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1. You Should Always Delay Your Social
Security Filing Age. Fact There's no "right"
age to claim benefits it mainly depends on your
financial situation. You can claim benefits at
any point between the ages of 62 and 70, but if
you claim your benefits early, it will lower your
monthly paychecks and overall lifetime benefits.
If you wait until full retirement age (FRA) -
usually either 66 or 67, depending on when you
were born you get 100 of the benefits you're
entitled to.  
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2. You Will Increase Your Benefits by 8 for
Every Year You Delay Filing. Fact You may
increase the amount you receive by up to 8 each
year if you delay taking benefits beyond your
full retirement age. But the year-over-year
benefit differences are not always 8, and often
the difference is much less.
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3. The Break-Even Point is 80 Years of Age.
Fact The break-even point is the age at which
your lifetime payment amount (total benefits)
would be equal, whether you claim Social Security
early or late. The age at which you will
break-even generally ranges from 77 to 83,
depending on when you start receiving benefits.
If you live beyond the break-even point, you
would come out ahead by waiting to receive
benefits.
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4. The Break-Even Point is the Most Important
Consideration. Fact Other considerations play a
role in making a good decision about benefits. If
you claim social security early and continue to
work, your benefits could be reduced and taxed at
higher rates. And, think twice about benefits if
you are married. Starting benefits early can
also reduce your spouses benefits if he/she
claims benefits based on your work record.
Married couples, where each spouse is entitled to
benefits based on his/her work record, should
also consider the timing of receiving those
benefits individually and as a couple.
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Bottom Line No guesswork. Run the numbers to
make an informed decision about the best time to
receive your earned benefits.
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