When Is the Best Time to Start Collecting Social Security Benefits?

Trying to work out when to take Social Security can be a puzzle.

And of course, when in doubt, talk witha financial adviser.

The current full retirement age is 67 if you were born in 1960 or later.

Those born before 1960 hit full retirement age a few months earlier.

Your calculated earnings are indexedso that future benefits are adjusted cost of living to help offset inflation.

This number is calculated to determine your monthly benefit amount.

For 2024, themaximum Social Security benefitfor someone at full retirement age is $3,822.

you could start earlier and get a smaller check but over more years.

These two questions will play major roles in your answer.

Will you have a pension or plan to take up a part-time job for additional income?

Of course, your own health and life expectancy are factors that can’t be ignored, either.

Wait for a bigger payout?

Or retire early and get a smaller check?

If you’re nearing retirement age, this is a question that may be weighing on you.

You’ll receive more money each month and you’ll have more time to save for retirement.

So you might benefit from collecting payments over a longer period of time.

Instead, you could exhaust your 401(k) or other retirement savings.

For more, don’t miss theSocial Security payment scheduleandhow to apply for Social Security benefits.