Benefits Planner: Retirement 


Other Things to Consider 
What Is The Best Age To Start Your Benefits? The answer is that there is no one " best age " for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances. Your monthly benefit amount can differ substantially based on the age when you start receiving benefits. If you decide to start benefits : before your full retirement age , your benefit will be smaller but you will receive it for a longer period of time. at your full retirement age or later , you will receive a larger monthly benefit for a shorter period of time. The amount you receive when you first get benefits sets the base for the amount you will receive for the rest of your life. You may want to consider the following when you make that decision : If you plan to continue working , there are limits on how much you can earn each year between age 62 and full retirement age and still get all your benefits. Depending on the amount of your benefit and your earnings for the year , you may have to give up some of your benefits. If your earnings will be high , you may decide to wait until full retirement age to start your benefits. Once you reach full retirement age , there is no limit on how much you can earn. Reminders : After you reach full retirement age , we recalculate your benefit amount to give you credit for any months in which you did not receive a benefit because of your earnings. When additional earnings appear on your record , we check whether they will increase your monthly benefit. If they do , we will send you a letter telling you your new benefit amount. You can apply for just Medicare at age 65 and start receiving retirement benefits later. When you think about retirement , be sure to plan for the long term. A man who turned 65 in 2014 can expect to live about another 19.3 years. A woman who turned 65 the same year can expect to live a

user: I need help with planning my retirement benefits.

assistant: Would you like to learn about other things you might have to consider?

user: Yes, that would be great.

assistant: Are you perhaps wondering what the best age is to start your benefits?

user: Exactly. This is one of the things I've been wondering about.

user: So what is the best age to start my benefits? When should I apply for them?

assistant: Well, there is no "best age" for everyone and when to apply remains your choice. The best is to make an informed decision based on your individual and family circumstances.

user: What if I forget signing up for Medicare in time?

assistant: Then your Medicare coverage may be delayed and cost you more. On page 12 of your Medicare booklet you can find out what may happen if you delay.

user: What happens after I reach my full retirement age?

assistant: After you reach full retirement age, we recalculate your benefit amount to give you credit for any months in which you did not receive a benefit because of your earnings.

user: What if my birthday is after 1954?

assistant: If your birthday is after January 2, 1954, the option to take only one benefit at full retirement age unfortunately no longer exists.