Minimum Social Security Benefit — What You Need To Know

The right time to file for Social Security program

Social Security Benefit

When is the right time to file for Social Security Program

In the recently published article by Kiplinger, some people say you should claim your benefits as soon as possible, while others say wait until 70. The bottom line: What works for someone else might not work for you. Here are some considerations.

Social Security is a government program designed to provide financial support during retirement. A lot might not know the minimum Social Security benefit, but for some people, Social Security represents a considerable portion of their retirement funds. According to the IRS website, there are thousands of combinations for how you could take minimum Social Security benefit.

It is recommended to discuss to a financial professional in regards to the minimum Social Security benefit, so that you can make an informed choice. The correct approach to Social Security could make up to thousands of dollars overtime even with the minimum Social Security benefit.

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There are factors to consider when deciding when to take at least the minimum Social Security benefit. First is the age, each person can start receiving their minimum Social Security benefit as early as age 62 or delay until age 70. Claiming the minimum Social Security benefit early can give immediate income, but it will result in permanently reduced benefits and potential tax implications if you’re still working.

Second factor to consider is the Income. When it comes to claiming the minimum Social Security benefit, that is the most important consideration. Your personal health, employment status or financial situation can alter the decision-making process. You may opt to claim your minimum Social Security benefit earlier to cover living expenses, but it may result in lower lifetime benefits.

Third factor to consider is Life expectancy. Considering your health are essential. The primary advantage to delaying the minimum Social Security benefit is the increase in monthly benefits, that can be an advantage for those expecting to live longer.

Read Also:Here’s a Way to Save Social Security and Defer RMDs