Home Page
Tax Free Retirement Plans
Tax Free Retirement Plans
Tax Free Retirement Plans
Tax Free Retirement Plans
Social Security Benefits
Social Security Benefits
Social Security Benefits
Social Security Benefits
Lifetime Income
Lifetime Income
Lifetime Income
Lifetime Income
Life Insurance
Life Insurance
Life Insurance
Life Insurance
Annuities Tax Free Retirement Social Security Benefits Lifetime Income Life Insurance


According to the SOCIAL SECURITY Administration, over 59 million Americans will receive SOCIAL SECURITY benefits in 2017. This will increase in the coming years. If you are one of the many individuals who will be eligible for Social Security soon, the following are just a few of the steps that you can take to maximize your benefits.

Don’t Start Early

You can start receiving your SOCIAL SECURITY benefits at age 62. However, starting before you reach your full retirement age may result in a reduction in your benefit amounts. As such, unless you need your SOCIAL SECURITY benefits to cover your living expenses, it may be worthwhile to wait until you reach your full retirement age.

The full retirement age for SOCIAL SECURITY is between age 65 and age 67, depending on your year of birth. You may use the following table to determine your full retirement age.

Normal Retirement Age

Year of birth


1937 and prior



65 and 2 months


65 and 4 months


65 and 6 months


65 and 8 months


65 and 10 months




66 and 2 months


66 and 4 months


66 and 6 months


66 and 8 months


66 and 10 months

1960 and later


1. Persons born on January 1 of any year should refer to the normal retirement age for the previous year.
2. For the purpose of determining benefit reductions for early retirement, widows and widowers whose entitlement is based on having attained age 60 should add 2 years to the year of birth shown in the table.

Source: Table from SSA.gov

According to the Social Security administration, the reduction that applies if you start early can be as much as 30%. For example, a full retirement benefit of $1,000 per month can be reduced to $700 per month. This reduction would be permanent.

Financial Planning Reminder: While waiting until full retirement age would result in your payments being larger, your personal financial profile should dictate whether you start early.  For example, if your Social Security benefits are necessary for ensuring that you can cover your living expenses, then you may have no choice but to start early. We can help you to decide which approach is suitable for you.

Defer Starting Past Full Retirement Age

If you defer receiving your Social Security benefits past your full retirement age, you will receive delayed retirement credit, which can increase your retirement benefits. This credit stops when you reach age 70, even if you delay receiving your benefits beyond age 70. The table below shows the delayed retirement credit for which you would be eligible, based on your year of birth.

You must be fully insured in order to receive full credit. In general, you are considered to be fully insured if you have at least 40 quarters of coverage (credits). For 2014, you receive one credit for each $1,200 of earnings. You can receive a maximum of four credits per year.  Note: If you do not have sufficient credits, you may be eligible based on the records of your spouse.

Maximize Your 35 Year Computation Period

When calculating your Social Security benefit amounts, the Social Security Administration uses your..... 

( Read More: http://www.vista-wealth.com/p/social ) 

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive

View Mobile Version
Home Page About Us Get A Quote Contact Us Life Insurance Insurance Website Builder