Q: When is the best time to start receiving Social Security retirement?

A: There is no one-size-fits-all answer. Choosing when to retire is an important decision, but it's also a personal choice and one you should carefully consider. Social Security offers a list of factors to consider in the publication “When to Start Receiving Retirement Benefits” at www.socialsecurity.gov/pubs/10147.html.





Social Security was never intended to be your only source of income when you retire, but it is still a very important part of your retirement income.

In addition, you will also need other savings, investments, pensions, or retirement accounts to make sure you have enough money to live comfortably when you retire.

Your benefit payment also is affected by the age at which you decide to retire and begin receiving benefits. You can get Social Security retirement benefits as early as age 62, but if you retire before your full retirement age, your benefits will be reduced, based on your age.

If you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age. For many Baby Boomers, that is age 66.

When you are ready, you can apply online for retirement benefits at www.socialsecurity.gov or call toll-free 800-772-1213 to make an appointment.

Q: Can my spouse collect benefits at age 62 from her work and earnings and then receive a combined total up to 50 percent from my account when I start receiving benefits at age 66?

A: Your wife can start receiving reduced retirement benefits on her record at age 62.

If the amount she receives on her record is less than what she would be entitled to as a spouse, she would receive a higher spouse's benefit when you start receiving benefits.

However, because she began receiving Social Security before reaching full retirement age, she will receive a reduced benefit rate that is less than the full 50 percent amount for as long as she remains entitled to spouse's benefits.
