Social security is a form of insurance. Managed by the Social Security Administration, it is issued to many Americans. Today, we will talk about Social Security retirement benefits. You may be able to receive Social Security as early as age 62. Unfortunately, doing so can reduce your overall benefits. First, it is important to understand what your retirement age is. Retirement ages can vary between ages 66 and 67. To find out your retirement age based on your date of birth, click here

As can be seen in the chart, retirement benefits are reduced between 25 and 30 percent when taken at age 62 depending on your year of birth. For those born in 1960 and after, the maximum reduction of 30 percent is applied. Meanwhile, delaying social security collection until age 70 has its own benefits. Each year after the retirement age you delay, your benefits increase by 8 percent. This means that your social security income could increase by up to a third if you wait until age 70. After age 70, there is no additional benefit in delaying collection. 

It might seem like the obvious choice would be to delay collection. When looking purely at the base values of the numbers, the increase in retirement income gained from delaying can quickly out pay the income not taken earlier. With that said, it might make more sense for your unique financial situation to take Social Security earlier. Some experts may also argue that collecting from standard retirement age and investing the money wisely can be a good alternative option.

If you are uncertain about the age you should start taking social security, feel free to call Elise to schedule an appointment for another opinion at (208)918-0201 or by email at