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Keep working or retire?

Why Social Security benefits should factor into your decision

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The decisions of when to retire and when to start receiving Social Security are complex. Some people may even choose to start receiving benefits before they retire or delay claiming for years after they retire. The right decision for you may depend on your projected Social Security benefits, your other assets and income and your personal preferences, among other factors.

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Key Takeaways:

  • There are three important ages to keep in mind as you determine when to retire and when to start receiving Social Security: 62, Full Retirement Age (FRA) and 70.
  • Your FRA is the age at which you become eligible to receive 100% of your Social Security benefits and may be between 65 and 67, depending on the year you were born.
  • If you start receiving benefits before your FRA, you will receive less. If you delay claiming until after your FRA, you will generally receive more than 100% of your benefits.
  • If you choose to delay, continuing to work may also boost the earnings level that is used for calculating your benefits.

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