When to Begin Social Security Benefits

Determining when to begin taking Social Security benefits depends on a number of factors, including whether or not you’re still working, your other sources of retirement income, how soon you need the income to help meet current living expenses, and your life expectancy. While you can begin taking benefits at age 62, many people choose to wait until they reach “full retirement” age—which is 66 for those born between 1943 and 1959, and 67 for those born in 1960 or later. Doing so entitles you to receive full benefits, whereas dipping into Social Security a few years earlier reduces your benefit amounts substantially.

The longer you wait, up to age 70, the greater your benefits will be. At age 70, you are eligible for the maximum annual benefit, which is 32% more than your full retirement benefit, and 76% greater than the benefit you were entitled to receive at age 62.

If you would like assistance in determining when to begin taking Social Security benefits, contact the office at 801-223-7502 to schedule a consultation.

All the best,

UCCU Financial Group

This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC.
Cetera is under separate ownership from any other named entity.
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