Expert Report: Expert Report: When To Collect Your Social Security Benefits?

Expert Report: Expert Report: When To Collect Your Social Security Benefits?

Did you know that collecting your benefits before your full retirement age will decrease your Social Security payments and could reduce your benefits by 30%? In this Expert Report, Phil Cannella identifies Americans’ full retirement age and explains how retirees can get the most out of their Social Security benefits.

Report Transcription

“Americans in their 60’s have a buffet of options when it comes to deciding how much, and when they receive their Social Security benefits. Throughout their working careers, Americans pile retirement investments on to their plate, and at age 62, they finally gain access to that dessert Social Security. In this week’s expert report, we will identify Americans’ full retirement age and how retirees can get a bigger slice of the Social Security pie. 

Now, according to the calculations from the Social Security Administration, the majority of Americans collect Social Security before the age of 66, which is the full retirement age for individuals born in or before 1954. Collecting your benefits before your full retirement age will decrease your Social Security payments and could reduce your benefits by 30% if you collect immediately at age 62. 

Now that the full retirement age is incrementally raising for individuals born after 1955, eligible recipients must plan whether to file early at their full retirement age, or delay filing for benefits until age 70, when you get a much bigger slice of that Social Security pie. By meeting with a licensed retirement phase expert, you can make an educated financial decision about when you should order your Social Security dessert and enjoy the peace of mind in retirement.”

Hear more stories and reports that will impact your financial future by visiting https://crashproofretirement.com/radio-show/ and by tuning into The Crash Proof Retirement Radio Show, Saturdays at 11 AM and Sundays at 1 PM on Talk Radio 1210 WPHT.