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Experts say that several factors must be taken into account before doing so.
For those born between 1943 and 1954, the age of "complete retirement" is 66 years. Patty Hoffman, Public Affairs Specialist at the Social Security Administration, said that the age of total retirement increased by two months each year after 1954 until 1960, when it reached 67 years of age.
For example, "age of complete retirement" for a person born in 1956 is 66 years and four months.
Hoffman said that seniors would not take full advantage of their benefits if they started taking it before retirement age.
"So, if your retirement age is 66 and you start receiving your benefits at age 62, your monthly payment will be reduced by 25%," Hoffman said. "For those whose retirement age is 67, they will benefit from a 30% reduction if they start receiving their benefits at age 62."
The only exception to this rule is widows and widowers. A widow can start receiving benefits at age 60, Hoffman said.
Libby Kathman, who works at the Grand Forks Senior Center as a senior health insurance advisor, also has questions about social security benefits.
"It's a very personal thing," Kathman said. "Some people depend on social security."
Kathman said that people are living longer and that, as a result, they rely on Social Security checks for much longer than in the past.
Hoffman said seniors should determine the income they will need when they retire.
"Social security only replaces about 40% of your income before retirement," said Hoffman. "So you will have to look at your expenses."
The need for health insurance should also influence the decision to withdraw social security benefits.
"Will you need health insurance?" Hoffman says. "If you do, some people may wait until they are 65 to qualify for Medicare. Another consideration may be the health of someone or his family history. Will you have a lot of medical expenses? These are some of the things that people have to watch. "
Kathman said that as the cost of prescription drugs increased, she saw seniors waiting until age 65 to enroll in Medicare.
The impact of the social security allowance on a person's taxable income must also be taken into account, Hoffman said.
If a senior is under the age of retirement, he or she is subject to an annual income limit of $ 17,640, Hoffman said. The Social Security Administration will charge a dollar for every dollar above this amount.
"Once a person has reached retirement age, they can rely on Social Security and earn as much income as they want, without affecting their benefit," Hoffman said. "If they have not reached retirement age, then their income limit is examined."
In the end, the choice of when to withdraw the social security benefit is personal.
"In the end, it's a personal choice," Kathman said. "People could have travel plans, plans to move where their children are. They might not want to work until they die.
Seniors can check the amount of their benefits online.
Hoffman said the Social Security Administration has an online calculator that can give seniors an estimate of what they might receive.
"The good thing about this calculator is that you can put" what-if "scenarios, Hoffman said. "You can put it into play if you go to work at age 63, it will tell you what your advantage will be."
The calculator is available at www.socialsecurity.gov/estimator.
Social security declarations are now available online.
"It can tell you what your benefits would be, what will happen if you die, etc.," said Hoffman. "These tools are extremely useful for planning."
These statements can be found at www.socialsecurity.gov/account. Seniors may also call the Social Security Administration at 800-772-1213 for assistance with their benefits.
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