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Home » Retirement Planning » When Should I Start Accepting Social Security Retirement Benefits?

When Should I Start Accepting Social Security Retirement Benefits?

August 22, 2019 by Saul Kobrick

Harrison retirement planning attorneysThroughout your working years your retirement plan and your estate plan may remain completely separate plans. As you near retirement age, however, it become more and more important to blend those two plans to ensure that they work together in harmony. One important decision you will need to make is when to begin accepting retirement benefits. To help you decide when to start accepting them, the Harrison retirement planning attorneys at the Law Offices of Kobrick & Moccia explain the Social Security retirement benefits basics.

Social Security Retirement System Basics

Most people understand that they pay into the Social Security retirement system and that they will eventually be entitled to receive benefits from that system when they retire. Having a more detailed understanding of how the system works, however, is always beneficial. Throughout your working years you accumulate credits based on your earnings. The Social Security Administration keeps track of your earnings throughout your lifetime. In 2019, you get one credit for every $1,360 you earn, up to a limit of four credits per year. The amount you need to earn to acquire a credit increases slightly each year. Once a credit is earned it remains on your record forever. If you were born after 1929, you need 40 credits in order to receive Social Security retirement benefits. Consequently, you must work a combined total of 10 years over the course of your lifetime to be eligible for Social Security retirement benefits. You do not have to work 40 consecutive quarters – you just need to have a total of ten years, or 40 quarters, worth of work history to be eligible for benefits.

At What Age Can I Retire?

There are really two separate questions you may want to ask. First is what age can you stop working? Second, when can you begin receiving payouts from Social Security? You can, of course, stop working at any age you choose. The earliest age at which you can begin receiving Social Security retirement benefits, however, is age 62 and the latest is age 70. You may choose to begin anywhere in that eight year span; however, many people choose to delay the start of their retirement benefits until they are older than 62 years old because the longer you wait to start getting payments the larger your monthly payments will be when you start receiving them – and they will stay at that rate forever.

How Much Will My Social Security Retirement Benefit Be?

Your monthly benefit amount will depend on things such as the age at which you begin receiving benefits and your earnings during the time period prior to retirement. You can find out how much you have paid in to date as well as get an estimate of what your benefit will be by navigating to the Social Security Administration’s website. In addition, the Social Security Administration (SSA) mails out a summary of your benefits each year, about three months before your birthday or you can request a statement at any time by calling the SSA (800-772-1213) and asking for a form SSA-7004 or by downloading the form from the SSA website. Your statement provides a record of your earnings history, the number of credits you’ve accumulated to date, and an estimate of the retirement benefits available if you wait until full retirement age.

There is a maximum retirement benefit amount that changes each year. For 2019, the maximum Social Security retirement benefit amount is $2,861. To be eligible for the maximum benefit amount, however, you would have had to earn the maximum taxable earning amount for at least 35 years. The average monthly benefit for “all retired workers” in 2019 is estimated to be $1,461.

If you retire early, your retirement benefit amount will be reduced and if you retire after your designated retirement age your benefit amount will be increased. By way of example, if you were born in 1957, meaning you will turn 62 in 2019, your retirement benefit amount would be reduced by 27.5 percent if you retire in 2019, at age 62. Conversely, your retirement benefit amount is increased by 8 percent for every year you delay receiving benefits, up to age 70. For most people, that means your benefit amount could be increased by 24 percent by retiring at age 70 instead of age 67.

Contact Harrison Retirement Planning Attorneys

Please feel free to download our FREE estate planning worksheet. If you have additional questions or concerns about how Social Security Retirement benefits fit into you overall retirement and estate plans, contact the Harrison retirement planning attorneys at the Law Offices of Kobrick & Moccia by calling 800-295-1917 to schedule your appointment.

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Saul Kobrick
Saul Kobrick
Saul Kobrick is an attorney licensed to practice law in the State of New York and the Founding Partner of The Law Offices of Kobrick & Moccia. Mr. Kobrick is licensed to practice law in all courts of New York State, as well as in the Federal District Courts for the Southern and Eastern Districts of New York. He is a member of the New York State, and Nassau County Bar Associations as well as a member of the American Academy Estate Planning Attorneys. Mr. Kobrick is also a member of the National Academy of Elder Law Attorneys.
Saul Kobrick
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