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Many people ask me, What is the best age to start receiving retirement benefits?" The answer is that there is no one "best age" for everyone and ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances. Monthly benefit amounts can differ substantially based on your retirement age. Basically, you can get lower monthly payments for a longer period of time or higher monthly payments over a shorter period of time. When thinking about retirement, be sure to plan for the long term. Many of us will live much longer than the average retiree and generally, women tend to live longer than men. About one out of four people who are 65 today will live past age 90, and one out of 10 will live past age 95. Social Security benefits, which last as long as you live, can provide protection against outliving savings and other sources of retirement income. When you reach your full retirement age, you can work and earn as much as you want and still receive your full Social Security benefit payment. You can estimate benefit amounts and find more information to help you decide when to start receiving retirement benefits by going to www.socialsecurity.gov/planners.
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