- When Is The Best Time To Take Social Security For A Single Woman Currently 54 Years Olds
- When Is The Best Time To Take Social Security For A Single Woman Currently 54 Years Older
Watch 'How to Get More Social Security'. Currently 66 for anyone born between 1943 and 1954. They may also get benefits if they’re 18-19 years old and a full-time student (no higher than. So -- should you wait to take Social Security? Given all the information above, when is the best time for you to take Social Security? Well, it can be helpful to start answering that question.
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Editors' Note: This article is excerpted from The Charles Schwab Guide to Finances After Fifty, available in bookstores nationwide. Read more at. When is the best time to file for Social Security benefits? This straightforward question is among the hardest to answer.
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In fact, the entire Social Security system, which is intended to be fair and accessible, is mind-numbingly complex. The unfortunate result is that many retirees lose out on valuable benefits, generally because they choose to start to collect too early.
When Is The Best Time To Take Social Security For A Single Woman Currently 54 Years Olds
The Basics Most people are eligible to start collecting Social Security benefits at age 62. But if you wait until what the Social Security Administration calls your full retirement age (FRA), which is 66 for those born between 1943 and 1954, you’ll get a larger monthly benefit, known as your primary insurance amount (PIA). But keep in mind that the term “full retirement age” can be misleading. In general, your benefits will continue to increase until age 70.
![When Is The Best Time To Take Social Security For A Single Woman Currently 54 Years Old When Is The Best Time To Take Social Security For A Single Woman Currently 54 Years Old](https://www.thebalance.com/thmb/s6exNFws9qXBDVRBbhwtXeGGzCE=/300x200/filters:saturation(0.2):brightness(10):contrast(5):no_upscale()/GettyImages-679539624-5bdfbb99c9e77c002677718d.jpg)
When Is The Best Time To Take Social Security For A Single Woman Currently 54 Years Older
After you reach your FRA, your monthly benefit will continue to increase until you reach age 70— at which time you max out. The rationale is clear: You can get a smaller payment for a longer amount of time or a larger payment for a shorter amount of time. In theory these two balance out over time, at least when looking at data for millions of people. But when you’re thinking about what’s best for one person or one couple, the averages don’t apply.
Once you understand how the system works, you are in a position to make the best decision for your own situation. What the Numbers Tell Us A comprehensive 2012 study by economists John Shoven of Stanford University and Sita Slavov of Occidental College identifies the conditions when it is most advantageous to delay Social Security benefits. They conclude that gains from delaying are greatest: • When interest rates are low • For married couples relative to singles • For single women relative to single men • For two-earner couples relative to one-earner couples • For a married couple, deferring the primary earner’s benefit as compared to deferring the secondary earner’s benefit. Think About Your Life Expectancy According to the Social Security Administration, the typical 65-year-old today will live to age 83, one in four will live to age 90, and one in ten will live to 95. Women have a slightly higher life expectancy than men, and the odds are even better that one person in a married couple will outlive the averages.