When Should I Apply?
This is one of the most important question facing baby boomers (and certainly one of the more frequent questions our clients pose to us). Anyone approaching age 62 is wondering: Should I apply for benefits as early as possible and grab as much as I can as soon as I can? Or should I delay benefits until age 66 or even age 70 in order to receive a higher amount?
The answer depends in part on your situation and your plans. If you’re not working and have a few resources, you may have no choice but to take Social Security early. If you are still working in your primary occupation, it probably doesn’t make sense to apply for early benefits because some or all your benefits will be withheld.
The when-to-apply question should really be considered in the context of your financial plan. Which strategy will give you the highest income later on, when you are likely to need it the most? Our calculators can show you your projected income stream based upon the various claiming ages to help you make the decision right for you.