Social Security Optimization Macon, GA
At Security First Asset Management in Macon, GA, our team can help you understand your options when it comes to Social Security retirement benefits, including when to begin receiving these benefits based on your needs and goals.
Your Social Security Retirement Age
The factors that determine your Social Security benefit amount include your total earnings over your lifetime and your Full Retirement Age (FRA). This is the age at which you are eligible to receive full (or maximum) Social Security retirement benefits. The FRA is 66 for individuals born between 1937 and 1955, 67 for individuals born during or after 1960, and 66 plus 2 months per year of birth after 1954 for individuals born between 1954 and 1960. For example, the FRA for someone born in 1956 is 66 and 4 months.
However, the Social Security system allows persons eligible for Social Security benefits to begin receiving benefits at age 62. Of course, if you choose to take your Social Security pension benefits early, they will be lower than if you start taking them later. For example, if your FRA is 67 and you start taking Social Security at age 62, your benefits may be as much as 30 percent lower than your maximum possible benefit when taking them at age 67. The closer you are to your FRA, the smaller the benefit reduction is from the maximum possible amount. In addition, these reductions cannot be changed – they are permanent.
You also have the option of deferring your Social Security retirement benefits beyond your FRA. Provided your birth year is 1943 or later, you will receive an 8 percent increase in your payment for each year after your FRA that you postpone accepting benefits. You can only defer the benefits up to age 70 – no later.
A key benefit of Social Security is that the higher the benefit you receive, the less you will need to depend on personal savings during your retirement years.
If you need assistance with understanding Social Security near me in Macon, GA, a local Social Security office may be helpful. However, our team at Security First Asset Management is here to help you learn about your options regarding Social Security benefits.
Contact Us for Social Security Optimization Services
To learn more about the social security retirement income optimization services we offer in Macon, GA, call us today at 888.488.1871, or drop us a message through our contact form.
