Choosing when to take Social Security is an important decision.
Q. I’m 62 and planning to retire next year. I will be living on my investments until I take Social Security. I’m trying to decide if I should start Social Security early so I can let my portfolio grow or if I should wait longer. I’m pretty healthy but both of my parents died in their late 50s, so I keep that in mind. Thoughts?So much depends on your overall financial situation. And of course, the current stock market drop is something to watch, especially if you’re close to retirement.
If you decide to claim Social Security before age 70 or Full Retirement Age , you should be mindful of justYour base Social Security retirement benefit or Primary Insurance Amount represents how much you would receive at your FRA, which is currently between ages 66 and 67, depending on your year of birth, he said. For example, the FRA for someone born in 1956 is 66 and four months.
“Social Security benefits are eligible for an annual increase known as a Cost of Living Adjustment , which is based on the previous year’s inflation rate,” he said. “To provide some perspective, the 2021 COLA was 5.9% while the 2020 and 2019 COLAs were 1.3% and 1.6%, respectively.”
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