Individuals who are born after 1960 in the United States achieve full retirement age at 67. This means that they can receive their full monthly social security benefits and the majority of people intend to retire at this age.
What to Think About Before Making This Decision
There are many questions that you may want to reconsider carefully if age 67 is not appropriate for your situation. Things to factor in when thinking about your own retirement age include:
- You may be eligible to start receiving Social Security benefits as early as age 62. Although your monthly benefits will be lower than if you chose to wait, this system helps you so that your lifetime benefits are ultimately the same.
- Many people choose to file and suspend. This means they draw from a spouse’s benefits and delay filing for themselves until the monthly benefits are higher. After April 29, 2016 however, this benefit will no longer be available.
- If you wait to take benefits until you pass the age of 67, then your monthly benefits could be increased by 8% each year until age 70.
If you are confused about when is the most appropriate time to take social security benefits, then speak to an elder law attorney in Ohio. There’s no best option that applies to every situation, so you need personalized advice in order to make an informed decision. Do not go through the process of making your retirement or estate plans alone.