Specific options include:

• Early retirement at 62
• Full retirement at 66
• Delayed retirement at 70

     Your benefits are based on how early you take your retirement.

How the benefits are calculated

     Retirees who have worked 10 years or more have gained social security benefits. The monthly benefit amount will be based on their lifetime earnings. To calculate their benefit, social security looks at their 35 highest earning years. These earnings are adjusted for average wages and cost of living adjustments. 

Taking your benefits

      If you need your benefits early, you should take them early. If you can wait, then you probably should. Social security predicts that the retiree will receive about the same amount of money regardless of which option they take. Factors to determine when to take the benefits include:

• Life expectancy
• Retirees health history
• Finances and retirement income
• Marriage status or retiree

     Retirees who receive early social security will have their benefits decreased by 26.7% from the full retirement age. The amount of reduction decreases as r=the retiree gets closer to full retirement age. For those 66 and over they will receive full benefits once they apply for social security. Those who work beyond retirement age can receive benefits such as:

• An extra year of earnings that increases their benefit amount.
• Retirement credits for each year they delay beyond full retirement age. 

     If retirement is delayed until 70 then the retiree can expect an increase of around 30% of their full retirement monthly benefit. 

Spouses can benefit from the others benefit

     Spouses can earn their own benefit or choose to take a benefit amount equal to 50% of the higher earning spouse. This applies to divorced spouses that were married for at least 10 years. Benefits to the divorced spouse will not affect the amount to the recipient. 100-% of a benefit will go to a spouse if the other spouse becomes deceased. The amount depends on if they had early or late retirement. This also applies to a divorced surviving spouse, as they will still receive benefits after their ex-spouse passes. 

     The best way to protect your future is to contact your local elder law attorney. They will make sure that you have the best plan for you and your family’s future.