Social security is available (for now). Assuming you are eligible, what is the best age to start receiving benefits?
The fact is, there is no single "best age" for everyone. Ultimately, it's your choice. Your most important responsibility is to make an informed decision, factoring individual and family circumtances.
An informed decision starts with identifying your full retirement age. Your basic social security benefit - the amount you would receive at your full retirement age - is calculated based on your lifetime earnings. However, the actual amount you receive each month depends on when you start receiving benefits. You can elect to receive benefits beginning at age 62 up until age 70. Your benefit will be higher the longer you delay starting it.
This adjustment is usually permanent: it sets the base for the benefits you will receive for the rest of your life. You'll get annual cost-of-living adjustmeents and, depending on your work history, may receive higher benefits if you continue to work.
You can complete an application for retirement benefits online as long as you are at least 61 years and nine months old and want your benefits to start no more than four months in the future.
If you do not wish to use the online application you can:
- Call 800-772-1213 (TTY 800-325-0778)
- Visit your local Social Security office. An appointment is not required but it may reduce waiting time
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