When To Start Drawing Social Security Benefits

When approaching retirement, collecting Social Security benefits is likely one of the most important decisions to consider. But when is a good time to start drawing those benefits?

What to Consider Before Claiming Disability Benefits

Jim Miller recently published a Savvy Seniors article in the New Jersey Herald that addresses what to consider and where seniors can find help. Miller says the difference between a good decision and a poor one could cost you tens of thousands of dollars over your retirement, so doing your homework and weighing your options now is a wise move.

Miller says in the article that it’s common knowledge that people can claim their Social Security benefits between the ages of 62 and 70, but he says that each year someone waits, those benefits will increase by 5 to 8 percent.

“But there are other factors you need to take into account to help you make a good decision, like your health and family longevity, whether you plan to work in retirement, along with spousal and survivor benefits,” Miller says in the article. “To help you weigh your claiming strategies, you need to know that Social Security Administration claims specialists are not trained or authorized to give you personal advice on when you should start drawing your benefits. They can only provide you information on how the system works under different circumstances. To get advice you’ll need to turn to other sources.”

Social Security Disability Attorneys, New Jersey

Miller says the first step is to go to SSA.gov/my account to get a personalized statement. That statement will offer you an estimate on what your retirement benefits will be at each age – from 62 to 70. The estimates are based on your yearly earnings, which is also listed on the report.

Once you get estimates for both you and your spouse, there are several online tools that will offer you options to help you make an informed decision.

“Some free sites that offer basic calculations include AARP’s Social Security Benefits Calculator (AARP.org/socialsecuritybenefits), the Consumer Financial Protection Bureau’s Planning for Retirement tool (ConsumerFinance.gov/retirement) and SSAnalyze that’s offered by United Capital (BedrockCapital.com/ssanalyze),” the article reads.

For a more complete analysis, Miller suggests checking MaximizeMySocialSecurity.com or SocialSecurityChoices.com. Both sites cost $40, but the services will run scenarios based on various circumstances and show how different filing strategies affect the total payout over the same time frame.

“If you want human help, there are specialized firms and financial advisors that can advise you too,” Miller says in the article. “One such firm is Social Security Solutions (SocialSecuritySolutions.com, 866-762-7526). They offer several levels of web-based and personalized service (ranging from $20 to $500) including their $125 ‘Advised’ plan that runs multiple calculations and comparisons, recommends a best course of action in a detailed report, and gives you a one-on-one session with a Social Security specialist over the phone to discuss the report and ask questions.”

Financial planners also offer one-on-one advice. Use the National Association of Personal Financial Advisors online directory, which can be found at NAPFA.org, to find a fee-only certified financial planner (CFP) who charges by the hour and has experience in Social Security Analysis.

“Or try the Garrett Planning Network (GarrettPlanningNetwork.com), which is a network of fee-only advisers that charge between $150 and $300 per hour,” the article reads.

Related Articles

How Bankruptcy Can Protect You

Filing for bankruptcy is often thought of as a sign of failure. At best, it is seen as a last resort when faced with too many bills, collection letters, or […]

Read More »

Means Testing in Chapter 7 or Chapter 13 Bankruptcy

Bankruptcy has many layers. Before filing, a potential debtor will have to gather their bills, bank statements, tax returns, and proof of all household income for the previous six months. […]

Read More »

How Many Types of Social Security Benefits Are Available?

While it is necessary to be disabled to receive disability benefits, the non-medical requirements are different for each category. You may be entitled to one or more types of benefits. […]

Read More »

Have an Attorney Review Your Case for Free

Get a Free Case Evaluation

Contact Our Attorneys To Learn How We Can Help Your Case


12 Convenient Locations Across Pennsylvania and New Jersey

Philadelphia, PA

7909 Bustletown Ave, 1st Floor Philadelphia, PA 19152 (215) 607-7478 Get Directions

Quakertown, PA

328 Broad St. Quakertown, PA 18951 (215) 515-6876 Get Directions

Allentown, PA

137 N 5th St. Suite A Allentown, PA 18102 (215) 240-4082 Get Directions

Jenkintown, PA

135 Old York Road Jenkintown, PA 19046 (215) 544-3347 Get Directions

Easton, PA

101 Larry Holmes Dr. #212 Easton, PA 18042 (215) 515-7077 Get Directions

Bala Cynwyd, PA

2 Bala Plaza, Suite 300 Bala Cynwyd, PA 19004 (610) 557-3209 Get Directions

Bensalem, PA

3554 Hulmeville Rd, #102 Bensalem, PA 19020 (215) 515-6389 Get Directions

Plymouth Meeting, PA

600 W. Germantown Pike #400 Plymouth Meeting, PA 19462 (215) 515-6876 Get Directions

Harrisburg, PA

2225 Sycamore St Harrisburg, PA 17111 (717) 864-8887 Get Directions

Cinnaminson, NJ

909 Route 130 South #202 Cinnaminson, NJ 08077 (609) 796-4344 Get Directions

Hamilton Twp., NJ

100 Horizon Center Blvd., 1st and 2nd Floors Hamilton Township, NJ 08691 (609) 236-8649 Get Directions

Marlton, NJ

10000 Lincoln Drive E One Greentree Centre, Suite 201 Marlton, NJ 08053 (856) 213-2805 Get Directions

Piscataway, NJ

200 Centennial Ave. Suite 200 Piscataway, NJ 08854 (908) 367-7256 Get Directions