When Should You Start Taking Your Social Security Benefits?

When Should You Start Taking Your Social Security Benefits?

Utilizing your social security benefits can be tricky, especially if you are looking to access them prior to reaching the average retirement age in the United States. Many adults wonder how to approach the process of obtaining their social security benefits and when they should choose to begin receiving them on a monthly basis.

Before you make your decision, it is necessary to understand the different aspects of social security benefits and how they affect the lives of older adults. Certain changes and restrictions come into play when an individual elects to receive their social security benefits early, but it also has its advantages, all of which depend on your unique circumstances. One of the best ways to receive further counsel and consultation about social security benefits is to speak with an experienced Central Florida attorney who can answer all of your relevant questions.

Advantages to Obtaining Early Social Security Benefits

One common reason that older adults seek out early social security benefits is to provide them with a financial safety net before, or after, a major life event such as the loss of a job, the loss of a loved one, or a similarly impactful change. Obtaining these early benefits can create a foothold for older adults in Central Florida who need income to pay for their cost of living.

Each client’s story is different, and some adults may require their benefits sooner than others. Certain individuals face medical complications that result in poor health which prevents them from working or obtaining any further income. Being able to obtain early social security benefits can allow those who deal with similar cases to feel comfortable and taken care of at a time when they need it most.  

Disadvantages of Receiving Early Social Security Benefits

Although there are many benefits to receiving an early social security benefit for certain adults, most individuals tend to wait until they are 70 years old to obtain their monthly benefits. One of the most significant reasons that adults tend to stay away from early social security benefits is that they do not payout at the same rate or in the same amount. If you sign up to receive early benefits, you will be taking a fraction of the social security benefits that you are due. 

An incentive to wait for social security benefits until age 70 has been put in place that makes some adults eligible for delayed retirement credit. The credit effectively increases their monthly benefit amount. This single aspect is enough for many to delay the process of obtaining early social security benefits with the intention of obtaining delayed retirement credit. 

Tips for Navigating Early Social Security Benefits

Whether you elect to apply for early social security benefits or not, it is important to remain as knowledgeable on the subject as possible. One of the best ways to do this is to contact an experienced Central Florida attorney who can provide you with dedicated counsel, answer all of your relevant questions, and offer helpful tips related to social security benefits such as:

  • Early retirement is available at age 62
  • Working a minimum of 35 years increases your social security benefits
  • Apply four months before the time frame of when you hope to have your retirement benefits start

Certain adults may require the inclusion of spousal benefits, which can cause additional confusion related to receiving their social security benefits in Central Florida. However, contacting a dedicated attorney can help to make sense of the benefits process and find a way that works best for you.

Experienced Central Florida Attorneys are Here for You

Understanding social security benefits and how to manage them can be complicated. Working with a legal professional that you can trust is the best way to ensure your benefits are protected. The dedicated team at Patriot Legal Group has years of experience helping clients in Central Florida with their social security benefit concerns, as well as matters involving estate planning, trust, wills, and much more.

Reach out to the reliable team at Patriot Legal Group by calling (407) 737-7222 or contacting us online to schedule a free consultation with one of our dedicated attorneys in Central Florida.