March Topic of the Month - Social Security: When should I begin?

Social Security is a source of income for retirees.  You have three options to decide when you want to start receiving it.  Remember it is usually a good idea to talk with your financial advisor or accountant when getting ready to make that decision.

1. Age 62 – this would be at a reduced rate if you decided not to wait until age 70.  If you continue to work, you cannot exceed earnings of more than $22,320 for 2024 if your benefits will be reduced by $1.00 for every $2.00 in earnings above that.
2. Full Retirement Age – this varies by individual based on the year you were born.  If you continue to work, you cannot exceed earnings of more than $59,520 for 2024 if your benefits will be reduced by $1.00 for every $3.00 in earnings above that.
3. Age 70 – this is the age retirements credits stop accruing and maximize your social security benefits.

Always think about what is best for you and your situation when making the decision when to start receiving your social security benefits.  If you need help in understanding the regulations reach out to Orsinger Investment Group, Inc. at 724-588-9067.