When you apply for benefits, the Social Security representative can determine the benefits you are eligible to receive. If you qualify for both your own retirement and a spouse’s (or divorced spouse’s) benefits, you may be required to apply for both benefits.

How do I decide when to collect Social Security?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

Who Cannot draw Social Security?

About 4 percent of the aged population never receives Social Security benefits. These never-beneficiaries include higher proportions of women, Hispanics, immigrants, the never-married, and the widowed than the beneficiary population; never-beneficiaries are also comparatively less educated.

How to know when to take Social Security benefits?

How to Know When to Take Social Security 1 Earned Income Before Age 66 or 67. If you have not yet reached your full retirement age as defined by Social Security (for most people about age 66 or 67) 2 Life Expectancy. 3 Marital Status. 4 Desire to Protect Purchasing Power. …

What should you consider when making a social security decision?

For singles, life expectancy is one of the primary factors to consider. A break-even analysis based on how long you live can be a good starting place for the Social Security decision for singles. Taxes should be considered also.

How are Social Security benefits based on income?

En español | Your retirement benefit is based on your lifetime earnings in work in which you paid Social Security taxes. Higher income translates to a bigger benefit (up to a point — more on that below). The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits.

Is it better to wait to claim Social Security benefits?

Waiting to claim benefits can be a way of gaining a measure of protection against your risk of longevity. As most people know, the longer you wait to begin taking benefits, the greater the monthly amount you receive. That’s especially significant should you live a very long life.