BE IN THE KNOW REGARDING SOCIAL SECURITY
June 12, 2014
Understanding what to expect from Social Security is a must when you are rolling up your sleeves and crunching numbers with regard to your anticipated retirement budget. The first thing to consider is when exactly you will become eligible to apply for your benefit.
If you are not currently receiving Social Security you become eligible to receive your full benefit when you are somewhere between the age of 66 and 67. The exact age of eligibility varies depending on the year during which you were born.
It is however important to note that you do not have to wait until you have reached the full eligibility age to apply. You can apply when you are as young as 62, but your benefit would be reduced. One can also delay retirement beyond full retirement age and receive an increased benefit as a result.
The amount that you would be receiving when you do apply is certainly key information. The Social Security Administration used to send out a paper statement annually to everyone 25 years of age and older providing projections, but they discontinued this practice to cut costs.
To learn how to use Social Security to its greatest advantage while crafting a comprehensive plan for aging, simply take a moment to arrange for a consultation with an experienced Inland Empire elder law attorney. Your lawyer will evaluate your situation, gain an understanding of your vision for the future, and provide you with a pathway that leads to your destination.