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DISCLAIMER - THIS WEBSITE IS NOT ENDORSED BY OR AFFILIATED WITH THE U.S. SOCIAL SECURITY ADMINISTRATION , OR ANY GOVERNMENTAL ENTITY.
 Carol Thomas has recently retired from the Social Security Administration after 28 years service. If you have any questions about Social Security, please ask. We will use the questions you send for future posts. I will never post anyone's name, or other identifiable information.
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| FAQ(s) found under Social Security Basics |
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| What's the best age to start getting payouts? |
Date Add : 12-10-2008
| Views : 693
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It depends on how long you'll live. Since none of us has that particular crystal ball handy, you'll have to assess the best age based on how long you think you'll be around. If you think you'll die relatively early - sorry, this gets morbid - you'll obviously want to start getting payouts as soon as possible (right at age 62). However, if your grandparents lived to 100 and you think you probably will too, your best strategy is to put off taking payments until you turn 70.
If you live past a certain break-even date, waiting to receive your full benefit amount provides more money in the long run than if you retire early and take the reduced payment. If you were to die before that break-even point, however, you would have been better off going with the early (albeit reduced) benefits. Check out the Social Security Administration's break-even calculator.
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DISCLAIMER -
You should consult with your local Social Security Office before acting upon any information received as a response to your question on "Social Security Advisor".
"Social Security Advisor" is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, investment or other professional advice or services.
Information obtained from RetirementCommunity.com, including e-mail responses from "Social Security Advisor" should be considered as general educational information. You must never rely upon the advice given here. Your individual situation may not fit the generalizations discussed. Only your local Social Security office can evaluate your individual situation and give you advice.
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