Social Security Claiming Strategies

Social Security Claiming Strategies

We are pleased to offer a new tool, the Social Security Resource Guide, designed to help you approach retirement with confidence and answer your core questions, such as “When’s the best time for me to retire financially?” and “When should I start collecting Social Security?".

To help make informed decisions, the guide explains that you can start collecting Social Security prior to or after reaching the “full” or “normal” retirement age, which the Social Security Administration currently considers age 66 or 67.  The minimum age to start collecting is 62; the maximum age is 70.

This leads to key considerations:

  • If you require additional income or have limited sources of income, starting to collect earlier may be a logical option.
  • However, waiting to collect at your “full” retirement age or later will increase your periodic collections during your retirement.
  • For example, if you start to collect at age 70, your benefits can be as much as 32% larger than if you begin payments at age 66.

As this new Social Security Resource Guide explains, delaying retirement to maximize benefits may be an option to examine carefully and with the assistance of your financial advisor.

What is delayed retirement?

 

social_security_benefitschart Source: Social Security Administration, 2016

Ready to Help You

  • Contact me directly for a copy of the new Social Security Resource Guide.
  • Gain more topical insight from Dreyfus here.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Please consult a legal, tax or investment advisor in order to determine whether an investment product or service is appropriate for a particular situation. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. The Dreyfus Corporation and MBSC Securities Corporation are BNY Mellon companies; BNY Mellon is the corporate brand for The Bank of New York Mellon Corporation.© 2017 MBSC Securities Corporation, Distributor, 225 Liberty Street, 19th Fl., New York, NY 10281

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