Navigating Social Security Enrollment
We will help you review when it may be most appropriate for you & your partner to begin claiming Social Security.
This is done by estimating potential lifetime benefits under different scenarios. Under current rules, for each year you delay claiming after your full retirement age (currently 67), your monthly benefit typically increases by about 8% for all future years. Delaying for three years could therefore increase future benefits by approximately 24%.
According to the National Bureau of Economic Research, about one in three retirees claim benefits at age 62, & nearly half do so before age 67. Early claiming results in a permanent reduction of monthly benefits.
In addition, if you continue working & earn above certain thresholds before full retirement age, some benefits may be temporarily withheld. After reaching full retirement age, your earnings no longer affect benefit payments.
