Newsbreak: Don’t Make This Mistake When Claiming Social Security Benefits – The Crucial Information You Need to Know

Retirees who plan to claim Social Security benefits should ensure that they are ready to receive them. Many people assume they will start receiving benefits as soon as they leave the workforce or when they turn 62. However, claiming benefits without knowing how much income your check will provide is a mistake. This crucial piece of information will allow you to determine whether claiming benefits now is the right choice for you.

Based on a published report by Christy Bieber of The Motley Fool on February 20, 2023, there are two primary reasons why you should know how much your Social Security check will be worth. Firstly, your benefit may be lower than you anticipate. Secondly, the age at which you claim benefits affects the payment amount. You must know your exact payment amount to ensure you have enough additional income to support yourself.

Delaying the claim of Social Security benefits could increase payments by up to 24% if you delay until the age of 70. Any claims made before your full retirement age, which could be as late as 67, will reduce the monthly payment you’ll receive. This reduction could cut as much as 30% off your standard benefit if you claim your first check at age 62, as reported by AARP on December 21, 2022.

You can easily estimate your Social Security benefits by creating an account on mySocialSecurity and inputting your estimated retirement age. This will enable you to make informed decisions about whether you are ready to claim benefits based on the size of your payments, how much support they’ll actually offer, and the additional income sources needed to bridge any financial shortfalls in your budget.