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when to take social security benefits: Questions to Consider

Retirees can claim Social Security benefits at any age between 62 and 70. There are sound financial reasons to work beyond the earliest age and to delay claiming Social Security benefits if you can. Monthly benefits will be higher for the rest of your life if you wait.

Social Security is the safest and most secure source of retirement income most people have. It is guaranteed to last for life and automatically keeps up with the cost of living. At advanced ages, work may no longer be an option, pensions may be eroded by inflation and savings may be depleted. Maximizing Social Security benefits for the long term can offset some of the decline in other sources of support.

Published with the National Academy of Social Insurance, When to Take Social Security Benefits: Questions to Consider is a free publication from The Actuarial Foundation.

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