When Should You Take Social Security – EDWARD JONES

Written by on March 1st, 2024


One of your important sources of retirement income will likely be Social Security — but when should you start taking it?

You can collect Social Security benefits at 62, but your monthly checks may be up to 30% greater if you wait until your full retirement age, between 66 and 67.

Of course, if you need the money, you may not be able to wait. But if you have enough resources through earned income and your investments, you may have flexibility in deciding when to take Social Security. In this case, you’ll need to look at these issues:

First, think about your life expectancy. If you’re healthy and have a family history of longevity, you may conclude you can afford to wait.

Also, consider your employment. If you’re still working and start taking Social Security before your full retirement age, your benefits may be reduced based on your earned income.

Finally, think about your spouse. Their survivor’s benefits could be permanently reduced if you take your benefits early and accept lower payments.

When to take Social Security is an important — and irrevocable — decision. So, consider all the factors before making your choice.

This content was provided by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern. 

Member SIPC

Address:  2222 Fern St., San Diego CA 92104
Phone:  619-516-2744
Web: www.edwardjones.com/casey-caliva