One of the most common questions asked about Social Security Benefits in Oklahoma City, OK is: when is the best time to start claiming them? Deciding when you want to start claiming your social security benefits is not something that should be taken lightly as it is a decision you cannot undo once it has been made. Basically, you are deciding if you should start receiving them early or wait until you reach the age of full retirement to maximize the benefits you receive.
When you are trying to decide when you want to claim your Social Security Benefits in Oklahoma City, OK you have three options to consider. You can claim them early, full, or late. Early means that you claim them before you reach the full retirement age; full means that you claim them when you reach full retirement age; and late means that you claim them after you reach full retirement age. Naturally, there are benefits and drawbacks to each option. You just have to decide what you think is going to work best for you.
Most people are going to reach the age of full retirement somewhere between the age of 65 and 67. It really just depends on how long you’ve worked and when you were born. In the United States, you can start claiming your social security benefits as early as age 62. The drawback to claiming them so early is the fact that you are going to miss out on some money that you would receive if you decided to wait. Everyone has a maximum amount of social security benefits they are entitled to; however, they must reach the age of full retirement in order to receive it.
The biggest question a lot of people have is why anyone would wait until after the age of full retirement to start receiving benefits. The Social Security Administration does provide inventive to individuals who decide to work beyond the age of retirement. Your retirement benefits will increase by 3 to 8 percent each additional year a person works up until the age of 70. This is why some people choose to work until they turn 70 in order to receive as much money as possible.
Be the first to like.