when should you apply for social security
When should you apply for Social Security? Retirement planning is complicated, beginning with the decision about when to begin taking your Social Security benefits. On one hand, if you need the money and donât expect to live into your 80s, it is tempting to take Social Security as early as possible â at age 62 â to benefit from the income stream. On the other hand, you can increase your monthly payment considerably by waiting until age 70.
Applications for Social Security benefits can only be processed a maximum of four months before benefits are scheduled to begin. Thus, the earliest you can apply is age 61 and 9 months, and you can expect to receive your first payment four months later, the month after your birthday.