Submitted By Jeff Rencher
For the Voice
Once you turn 62, you can start collecting Social Security benefits. But should you?
If you need the money, you have your answer. But the longer you wait, the bigger your checks will be, until they top out at age 70. So, should you delay taking payments?
It depends. Does longevity run in your family? If so, you might want to delay taking Social Security.
Also, what’s your employment status? If you start taking Social Security at 62, and you’re still working, your earned income could reduce your payments, at least until you reach your retirement age, which varies by birth year, but is likely 66.
If you have considerable retirement income coming from your 401(k) and IRA, you might be able to delay taking Social Security. And this delay could provide higher Social Security benefits for your spouse, should you pass away first.
When you’re thinking about taking Social Security, weigh all the factors and make the appropriate choice.
(Provided by Jeff Rencher, your Edward Jones financial advisor located at 614 Fremont St, next to the police station, in Rupert, at 208-436-1520)
