When Should You Take Social Security Benefits?
If you’re nearing retirement, you’ve likely paid into the Social Security system your entire career. It’s only fitting that you finally cash in on the Social Security benefits that are rightfully yours. But when should you start receiving benefits — at the first available date, at the latest date or somewhere between those dates?
The answer depends on your personal circumstances and preferences. Here’s some guidance to help decide what’s right for your current situation.
The Basics
The Social Security Administration (SSA) says you’re entitled to receive 100% of the benefits based on your earnings history at full retirement age (FRA), also known as normal retirement age (NRA). The following chart provides the FRA based on when you were born.