An important player in your overall retirement plan, Social Security can help fund your living expenses when you’re no longer able to work or are working reduced hours. However, as the payments you receive while drawing from Social Security replace only some of the income you received while working, Social Security benefits should be considered supplemental rather than your only source of income. And while you can apply for your benefits at any time between the ages of 62 and 70, there may be reasons why you would want to delay receiving your benefits until a later date.
So when should you plan to start collecting these benefits? While the answer can vary based on each individual person’s situation, the financial experts of Kiplinger Advisor Collective recommend considering these factors first before determining your goal age to begin collecting Social Security.
