When should I file for retirement benefits?
What is my optimal date for starting my retirement benefits?
That date is different for everyone. There are a dozen different factors that need to be considered and no online calculator or article can determine that for you. Our agents have been trained to help you understand and get you to the answer that benefits you the most.
When should I file for your retirement benefits?
WHEN you decide to begin your benefits and how MUCH your benefit is, will affect many of the decisions you will make in regards to your retirement. After determining what date maximizes your benefit, you will want to apply at least 90 days in advance. And remember, if you want your first check in April, you’ll need to start your benefits in March since payments are in arrears.
You should be reviewing your earnings record for accuracy annually. Sign up at ssa.gov to monitor your records electronically. If you do not have an online account with them, you should be getting a paper statement every year. Your highest 35 years reported is used in the formula that determines your benefit amount. It is also a key component in determining if you should continue to work an extra year or two.
Can I continue to work and collect my retirement benefits?
Filing for your Social Security Benefits does not mean you have to retire from work. However, there may be some consequences (or penalties) if you do continue to work and earn amounts over certain limits. Don’t make the mistake of not knowing what it may cost you. We can complete the cost benefit analysis for you and show you exactly how it will affect your benefits. We can also discuss ways to possibly avoid those penalties.
There are many calculators on the internet that attempt to determine the optimal time for you to file, however they do not consider your personal situation. Simply because they do not know you or your needs. Our FREE planning process begins with us getting to know each other and being available for you throughout the whole retirement planning process and beyond. We will address every aspect of retirement from Social Security and Medicare to Life Insurance and Long-Term Care, then put a worry-free plan in place.
The Social Security Administration will not offer you any advice or filing strategy when you call. They will only forward you to ssa.gov where you will find page after page of information that solidifies how complex the system is designed.
The more you understand about how the system works the better positioned you will be to make a well-informed decision on when you should file for your benefits. We are here to help with a team of Retirement Planners certified to educate and guide you to the best decision for you.
Key takeaway: Don’t file until you KNOW the cost or benefit.