Making The Right Social Security Choices
Have you ever thought about how many years you might spend in retirement? While we can't know for certain, we should think about how life expectancy has increased in the decades since Social Security began.
In 1935, life expectancy in the U.S. was 61.7 years.
By 2010 it had increased to 78.7 years. *
Consider a married couple age 65. There's a 50% chance that one spouse will live to age 92. And a one-in four chance that one spouse will live to age 97. **
As of December 2010 ***, 5.8 million Social Security beneficiaries were at least age 85. Some much older. But collecting Social Security benefits well into old age is nothing new.
Social Security retirement benefits help provide lifetime, inflation-adjusted income. Combined with your retirement savings, plus any pension benefits you may receive, Social Security may serve as an important component of your overall plan for retirement income.
Eligibility for Social Security begins "early", at age 62. However, claiming early will reduce your monthly check - permanently. There are many issues to consider when deciding to claim benefits. To learn more about Social Security, click the button below: