What you should know about your social security income paid Impact_Partner
Social Security is a benefit every working American is entitled to, but not every American needs the benefit at the same time in life. Everyone has different goals for their retirement lifestyle, so it’s important to be well-informed on your Social Security benefits.Getty Images
. Previously, this statement was mailed out annually, but in this new digital age, you can now access it anytime from anywhere.One concern many people have is when they should begin taking those benefits. Here, you have a few options. You could begin taking benefits at age 62, wait until full retirement age, which is dependent on the year you were born, or wait until 70 ½ to begin taking required minimum distributions. For example, I was born in 1957, so my full retirement age is 66 ½.
For example, if I were to wait until age 70, that means I would not receive Social Security benefits between years 66 ½ to 70. In my case, my benefits would be almost 30% more than it would if I were to take it at my full retirement age. Buy a Cape May ocean view property. By having a shore property now, this would be a good place and time for our children to visit so we could spend more time with them.
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