Ready To File For Social Security? Read This First


It’s getting close to that time and there are options. Which is better–sooner or later? Make sure it’s the right time to file for social security.

ready file social security

Option One: Start drawing social security at age 62. This means a 27 percent reduction in your lifetime benefit but may be satisfactory if you decide to continue working full or part-time.

The catch? Social Security may reduce or withhold your benefits if your income exceeds a certain amount. However, you may reclaim those benefits at full retirement age.  If you choose this option, it may also reduce benefits to your spouse and children.

Option Two: If you wait until the full retirement age of 66 and four months to 67 you’ll receive your full benefit. Check with the SS Administration to calculate your full retirement age and benefit. This amount will continue to increase, by 8 percent a year, until age 70–when it caps off.

In addition, Social Security may be available to unmarried children of parents that are deceased, disabled or retired. And parents may receive survival benefits upon the death of a child. Certain criteria apply to each case.

Therefore, check with the Social Security Administration to see if your situation qualifies.

How does Social Security work when your spouse dies?

ready file social security read first

Although a widow or widower will lose survivor benefits, when they remarry before the age of 60, benefits continue if remarriage occurs after 60. 

What does all this mean to you? 

We all like options. However, we know there are pros and cons to each. What are your financial needs at the moment? How are they likely to change within the next five to ten years? 

One of the best ways to access the right time to file for Social Security benefits is to make an appointment with a financial advisor. He or she can not only advise of the laws that pertain to you but help to develop a budget which best suits your future.

In conclusion, consider your hopes and dreams and the lifestyle you wish to maintain. Do you need plane tickets to see your grandkids? Or would you like to entertain them in your home more often? 

The right age to file for Social Security is a very personal decision. It’s about money but also about time. Time to enjoy a healthy and happy future.