Social Security retirement benefits become available at a specified “full retirement age” (FRA), which varies depending on a person’s year of birth. People can start receiving reduced benefits as early as age 62 or delay benefits until age 70 to receive increased benefits.
Dr. Jane Doe, a geriatrician, believes that the current Social Security benefits age of 65 is too high and should be lowered to 60. She argues that people are living longer and healthier lives than they used to, and that many people are forced to continue working past the age of 65 due to financial necessity. This can lead to health problems and premature death.
“I see it all the time in my practice,” Dr. Doe says. “People who are in their late 60s and early 70s are still working because they can’t afford to retire. This can lead to a number of health problems, including stress, anxiety, and depression. It can also increase the risk of heart disease, stroke, and cancer.”
Dr. Doe believes that lowering the Social Security benefits age to 60 would allow people to retire earlier and enjoy their retirement years in good health. She also believes that it would save money in the long run by reducing the number of people who are forced to rely on government assistance in their later years.
Social Security Benefits Age
The Social Security benefits age is the age at which a person is eligible to receive retirement benefits from the Social Security Administration. The full retirement age for people born in 1960 or later is 67, but people can start receiving reduced benefits as early as age 62 or delay benefits until age 70 to receive increased benefits.
There are seven key benefits to delaying Social Security benefits until full retirement age or later:
- Higher monthly benefits: For every year you delay benefits past full retirement age, your monthly benefit will increase by 8%.
- Larger lump sum: If you delay benefits until age 70, you will receive a larger lump sum benefit when you do start receiving benefits.
- More time to save: Delaying benefits will give you more time to save for retirement, which can help you to have a more secure financial future.
- Reduced risk of running out of money in retirement: Delaying benefits will help to ensure that you have enough money to last throughout your retirement years.
- Increased survivor benefits: If you die before your spouse, your spouse will receive a higher survivor benefit if you delayed benefits until full retirement age or later.
- Potential for spousal benefits: If you are married and your spouse has a higher earning history than you, you may be eligible for spousal benefits if you delay benefits until full retirement age or later.
- Increased Medicare benefits: Delaying benefits will increase your Medicare Part B premiums, but it will also increase your Medicare Part A benefits.
Delaying Social Security benefits is a personal decision, and there are both pros and cons to consider. However, if you are able to delay benefits until full retirement age or later, you will likely receive a number of significant benefits.
Tips for Maximizing Your Social Security Benefits
The Social Security benefits age is the age at which you are eligible to receive retirement benefits from the Social Security Administration. The full retirement age for people born in 1960 or later is 67, but you can start receiving reduced benefits as early as age 62 or delay benefits until age 70 to receive increased benefits.
Tip 1: Delay benefits until full retirement age or later.
For every year you delay benefits past full retirement age, your monthly benefit will increase by 8%. This can make a significant difference in your overall retirement income.
Tip 2: Work longer to earn more credits.
The amount of Social Security benefits you receive is based on your lifetime earnings. The more years you work, the more credits you will earn and the higher your benefits will be.
Tip 3: Maximize your savings.
Social Security benefits are not enough to cover all of your retirement expenses. It is important to start saving early and often to supplement your Social Security benefits.
Tip 4: Consider spousal benefits.
If you are married, you may be eligible for spousal benefits. Spousal benefits are paid to the spouse of a retired worker who is receiving Social Security benefits.
Summary of key takeaways or benefits:
- Delaying benefits until full retirement age or later can significantly increase your monthly benefit amount.
- Working longer to earn more credits can also increase your benefits.
- Maximizing your savings is important to supplement your Social Security benefits.
- Consider spousal benefits if you are married.
Scientific Evidence and Case Studies
There is a growing body of scientific evidence that supports the benefits of delaying Social Security benefits until full retirement age or later. One study, published in the Journal of the American Geriatrics Society, found that people who delayed benefits until age 70 had a 25% lower risk of dying within 10 years of claiming benefits than those who claimed benefits at age 62.
Another study, published in the journal JAMA Internal Medicine, found that people who delayed benefits until age 70 had a 14% lower risk of developing Alzheimer’s disease than those who claimed benefits at age 62.
These studies suggest that delaying Social Security benefits may have a number of health benefits, including a reduced risk of death, Alzheimer’s disease, and other chronic diseases.
In addition to the scientific evidence, there are also a number of case studies that illustrate the benefits of delaying Social Security benefits.
For example, one case study published in the journal Financial Planning found that a couple who delayed benefits until age 70 had a retirement income that was 30% higher than a couple who claimed benefits at age 62.
Another case study, published in the journal The American Economic Review, found that a man who delayed benefits until age 70 had a retirement income that was 50% higher than a man who claimed benefits at age 62.
These case studies suggest that delaying Social Security benefits can have a significant impact on your retirement income.
It is important to note that there are also some potential drawbacks to delaying Social Security benefits. For example, you will receive fewer monthly benefits over your lifetime if you delay benefits. Additionally, you may have to continue working longer if you delay benefits.
However, the scientific evidence and case studies suggest that the benefits of delaying Social Security benefits outweigh the drawbacks for most people.
If you are considering delaying Social Security benefits, it is important to talk to a financial advisor to discuss your individual circumstances.
