You just turned 62. You’ve heard about Social Security, but you don’t know enough about it yet. If you keep reading you will discover the reality of social security and be able to determine when to start taking advantage of these benefits.
How much will the checks be?
The sooner you sign up for Social Security, the smaller the checks you receive will be. Every year you wait to sign up, that check gets larger. The latest you can wait to sign up is when you turn 70 years old. Why is this the case? The government has decided on an average human life expectancy. So, regardless of when you sign up between the ages of 62 to 70, the amount of lifetime benefits generally stays the same from person to person. So, don’t base your decision on the check size, but on your family situation, your finances, or your medical needs.
What are your retirement assets?
The first and foremost important thing to do is to evaluate your current situation, and any other retirement assets that may come into play. Remember that this decision is a personal one. Generally, if you can, it is recommended to wait as long as possible after you turn 62 to start taking social security benefits.
You will need to sign up for Medicare by age 65, and social security benefits can help pay for Medicare coverage. So, if you are planning to retire by age 65 and thus end employment-sponsored coverage, you will need to ensure you have the assets required to sustain Medicare payments.
What is right for you?
You will need to assess your situation, your assets, and your needs, to make an educated decision for when you wish to start taking social security.
If you are a senior citizen with questions about health coverage, Healthedly is here to help. You can call us at 855-522-2201 to get a free quote and learn more about what you are eligible for.