When to start collecting Social Security benefits. Chapter 5.
You have three main options:
- Start collecting early
- Start collecting at full retirement age
- Start collecting after full retirement age
What are the trade-offs?
Here’s a hypothetical example. Let’s assume that your full retirement age is 66 and you are eligible for a benefit of $1000 per month at full retirement age.
If you start collecting at age
- 62 you collect $750
- 63 you collect $800
- 64 you collect $866
- 65 you collect $933
- 66 you collect $1,000
- 67 you collect $1,080
- 68 you collect $1,160
- 69 you collect $1,240
- 70 you collect $1,320
Written By ARIE J. KORVING, CFP®
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.
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