When to Collect Social Security?

Join Miguel Gonzalez, CRC, this week as he tackles the crucial question of when to start receiving Social Security benefits. Tune in to learn how your decision impacts your financial future and get expert insights to help you make the best choice for your unique situation.

About Cortburg Retirement Advisors, Inc.
Cortburg Retirement Advisors is a full-service, boutique financial planning firm dedicated to guiding clients through both turbulent and calm economies. Our mission is to help you grow, protect, and preserve your assets from your first job through retirement. With comprehensive in-house capabilities, our experienced team assists with all financial needs, including wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning.

About Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®
Miguel Gonzalez is a Retirement Specialist with over 20 years of experience in retirement income planning, investment management, and retirement plan design.

• Former Financial Advisor at JP Morgan Chase Bank, Merrill Lynch, and ING Financial Advisors.
• Consultant for Barbara Corcoran Inc. and the World Bank.
• MBA from Columbia Business School.
• Life and Health insurance licenses, Series 7 and 66 registrations held through LPL Financial.
• Fluent in English, Spanish, and Russian.
• Certifications: Certified Retirement Counselor®, Certified Plan Fiduciary Advisor®, Accredited Investment Fiduciary®, Professional Plan Consultant®.

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Transcript

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

Today, we're diving into the intricate decision of when to start receiving Social Security benefits.

One of the most vexing questions for anyone planning for retirement is: “What’s a suitable age to start receiving Social Security benefits?” You’ve probably heard that you can begin receiving Social Security benefits at age 62 and that is true. But the benefits are “reduced” until you reach “full retirement age.”

Your decision is a personal one

Would it be better for you to start getting benefits early with a smaller monthly amount for more years or wait for a larger monthly payment in a shorter timeframe? The answer is personal and depends on several factors, such as your current cash needs, your current health, and family longevity. Also, consider if you plan to work in retirement and if you have other sources of retirement income.

You must also study your future financial needs and obligations and calculate your future Social Security benefit. We hope you’ll weigh all the facts carefully before making the crucial decision about when to begin receiving Social Security benefits. This decision affects the monthly benefit you will receive for the rest of your life and may affect benefit protection for your survivors.

Your monthly retirement benefit will be higher if you delay starting it

Your full retirement age varies based on the year you were born. You can visit the social security.gov websitel to find your full retirement age. You can start your retirement benefit at
 any point from age 62 up until age 70. Your benefit will be higher the longer you delay starting it. 

This adjustment is usually permanent: it sets the base for the benefits you’ll get for the rest of your life. You’ll get annual cost-of-living adjustments and, depending on your work history, may receive higher benefits if you continue to work.

Let’s say you turn 62 in 2022, your full retirement age is 67, and your monthly benefit starting at full retirement age is $1,000. If you start getting benefits at age 62, we’ll reduce your monthly benefit by 30% to $700 to account for the longer time you receive benefits. 

If you choose to delay getting benefits until age 70, you would increase your monthly benefit to $1,240. This increase is the result of delayed retirement credits you earn for your decision to postpone receiving benefits past your full retirement age. The benefit at age 70 in this example is about 77% more than the benefit you would receive each month if you start getting benefits at age 62 — a difference of $540 each month.

Retirement may be longer than you think

When thinking about retirement, be sure to plan for the long term. Many of us will live much longer than the “average” retiree, and most women live longer than men. About one out of every three 65-year-olds today will live until at least age 90, and 1 out of 7 will live until at least age 95. Social Security benefits, which last as long as you live, provide valuable protection against outliving savings and other sources of retirement income.

Again, you’ll want to choose a retirement age based on your circumstances so you’ll have enough Social Security income to complement your other sources of retirement income.

Married couples have two lives to plan for

Your spouse may be eligible for a benefit based on your work record, and it’s important to consider Social Security protection for widowed spouses. After all, married couples at age 65 today would typically have at least a 50-50 chance that one member of the couple will live beyond age 90. If you are the higher earner, and you delay starting your retirement benefit, it will result in higher monthly benefits for the rest of your life. If you die first, it will result in higher survivor protection for your spouse.

When you are receiving retirement benefits, your children may also be eligible for a benefit on your work record if they’re under age 18 or if they have a disability that began before age 22.

More resources

You can find more information to help you decide when to start receiving retirement benefits at www.ssa.gov/benefits/retirement. If you have a personal my Social Security account, you can get your Social Security Statement, verify your earnings, and get personalized benefit estimates at www.ssa.gov/myaccount.

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.