When Should I Claim Social Security

Do I have a claiming strategy?

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Last month, my dad, Gautam Misra, celebrated his 70th birthday and finally claimed Social Security. This got me thinking about the important decision many Americans face:

When is the right time to claim my Social Security benefits?

Here are some key insights to help you make that decision:

• Early Claiming (Age 62): You can start receiving benefits as early as age 62, but beware—your monthly check could be up to 30% smaller.

  
  

• Full Retirement Age (FRA): This is the sweet spot where you receive 100% of your calculated benefits. Depending on when you were born, your FRA is either age 66 or 67 (or somewhere in between)

  
  

• Delayed Claiming (Up to Age 70): For each year you wait past Full Retirement Age, you earn an 8% increase in benefits.

Remember, one size does NOT fit all.

The "best" Social Security strategy is deeply personal and takes into accounts factors like your:

• Health status

• Retirement savings

• Current income

• Life expectancy

• Family financial situation

All play crucial roles in determining your optimal claiming approach.

My Recommendation

Don't navigate this complex decision alone. Seek personalized advice that considers your unique circumstances.

Interested in exploring your Social Security claiming strategy? Let's connect and find the right approach for you!

My dad celebrating his 70th birthday!