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Social Security: 4 ways to make the most out of claiming benefits early

Social Security benefits can be collected as early as age 62 if you decide to do so.

social security card with cash and check representing social security benefits

There are some things to keep in mind when it comes to claiming benefits early.

The biggest key thing to remember is that by choosing to claim benefits before your full retirement age, you could see a drastic decrease.

Every month you choose to collect before hitting your FRA you can expect a small percentage to be lost.

Anyone born in 1960 or later has an FRA of ages 67 and over.

Many people are choosing to retire later, while some think it’s best to retire earlier.

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Here are four things to keep in mind when it comes to Social Security and claiming early

Start saving your money now

The earlier you begin saving for retirement, the better off you’ll be when you get to that point.

It will give the money you put away earlier more time go grow.

If you can set a monthly goal of money to put away each month that would help to hold you accountable.

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Obtain a financial planner

Finding someone who is an expert in balancing finances can help you avoid mistakes.

If you set goals with an expert they can help make sure your money lasts.

You need to save up to 70-90% of your pre-retirement income to maintain the standard of living you’re used to.

Start an IRA

Starting an IRA retirement account helps with taxes.

You may put up to $6,000 per year in up to the age of 50, and even more past that age.

The money you put into the account can be taken directly from your paycheck.

Do not spend savings

If you find yourself in a bind, it may seem easiest to take from your savings.

Do not do this if it can be avoided.

You can lose principal, interest, and tax benefits by choosing this option.

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