[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/social-security-benefits-timing-is-everything-new-york-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/social-security-benefits-timing-is-everything-new-york-ny-greenwich-ct\/","headline":"Social Security Benefits: Timing Is Everything","name":"Social Security Benefits: Timing Is Everything","description":"\u201cDeciding when to start receiving Social Security retirement benefits is an important decision.\u00a0Making the wrong choice could cost you.\u201d Not knowing when you will be eligible to receive all of the benefits earned through your work history can hurt a retirement plan, says a recent article from CNBC.com titled “Here\u2019s what to you need to […]","datePublished":"2020-09-22","dateModified":"2023-07-29","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026be412a81c.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026be412a81c.jpg","height":600,"width":395},"url":"https:\/\/www.amorusolaw.com\/blog\/social-security-benefits-timing-is-everything-new-york-ny-greenwich-ct\/","about":["Elder Law","Full Retirement Age \/ FRA","Retirement Planning","Social Security"],"wordCount":526,"keywords":["Elder Law","FRA","Full Retirement Age","Retirement Planning","Social Security"],"articleBody":"\u201cDeciding when to start receiving Social Security retirement benefits is an important decision.\u00a0Making the wrong choice could cost you.\u201dNot knowing when you will be eligible to receive all of the benefits earned through your work history can hurt a retirement plan, says a recent article from CNBC.com titled “Here\u2019s what to you need to know about claiming Social Security retirement benefits“. Equally problematic? Letting fears of the program running out of money before you can get your fair share influence your decision.If you get the timing right and use a combination of your retirement savings and Social Security benefits in the right time and the right order, your money may last as much as seven years longer. However, remember that there are many rules about Social Security and retirement fund withdrawals. Here are three big blind spots to avoid:Not knowing when to take full benefits.Age 62 is when you are first eligible to take Social Security benefits. Many people start taking them at this age because they don\u2019t know better or because they have no alternative. If you start taking benefits at age 62, your monthly benefits will be reduced.There is a difference between eligibility and Full Retirement Age, or FRA. When you reach FRA, which is usually 66 or 67, depending upon your birth year, then you are entitled to 100% of the benefits based on your work record. If you can manage without taking Social Security benefits a few more years after your FRA, those benefits will continue to grow\u2014about 8% a year.Most Americans simply don\u2019t know this fact. If you can wait it out, it\u2019s worth doing so. If you can\u2019t, you can\u2019t. However, the longer you can wait, the bigger the monthly check will be.How many ways can you claim benefits?This is where people make the biggest number of mistakes. There are many different ways to take Social Security benefits. People just don\u2019t always know which one to choose. First, once you start receiving benefits, you have up to a year to withdraw your application. Let\u2019s say you need to start benefits but then you find a job. You can stop taking benefits, but you have to repay all the benefits you and your family members received. This option is a one-time only event.Another way to increase benefits if you start taking them early, is to suspend them from the time you reach your FRA until age 70. However, you have to live without the Social Security income for those years.Expecting the worst scenarios for Social Security.Social Security headlines come in waves, and they can be disconcerting. However, a knee-jerk reaction to take benefits early because of fear is not a good move for the long term. There are a number of proposals now on Capitol Hill to strengthen the program. Benefits may be reduced, but they will not go away entirely.Reference: CNBC.com (Aug. 24, 2020) “Here\u2019s what to you need to know about claiming Social Security retirement benefits”For more information on elder law, retirement planning, and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Social Security Benefits: Timing Is Everything","item":"https:\/\/www.amorusolaw.com\/blog\/social-security-benefits-timing-is-everything-new-york-ny-greenwich-ct\/#breadcrumbitem"}]}]