Social Security

StoneLeaf Finance & Insurance Group

When Should You Take Social Security?

We present the facts, to help you with your decision.

Stoneleaf Finance & Insurance Group

Age 62?

Taking Social Security before you reach “Full Retirement Age” may not be in your “Best Interest”!

Overall, your benefits will be permanently reduced by 25%.

Full Retirement Age? (Also known as Normal Retirement Age)

Full retirement age is when you’re eligible to receive “Full Social Security Benefits”. The Full retirement age used to be 65 for everyone. That has changed. Under current law, if you were born in 1951 or later, your full retirement age is now “Some Point After age 65” all the way up to age 67 for those born after 1959. If you were born before 1951, you’ve already reached age 66 and full retirement age.

Age 70?

If you take your Social Security after full retirement and up to age 70 you will typically receive a credit.

Why Choose Us?

We Present The Facts To Help You With Your Decision

Example: Say you were born in 1951 and your full retirement age is 66. If you started your benefits at 68, you would receive a credit of 8% per year multiplied by 2 (the number of years you waited). This makes your benefit 16% higher than the amount you would have received at age 66.

If you were born in Your full retirement age is
1950 or earlier You’ve already reached full retirement age
1951-1954 66
195566 and 2 months
1956 66 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 or later 67

Beginning Age 62 63 64 65 66
PIA (Primary Insurance Amount) Paid 75% 80% 86.6% 93.3% 100%

Effect of (“Early”) retirement on benefit: (DOB: Jan 2, 1943 – Jan 1, 1955)

Beginning Age 66 67 68 69 70
PIA (Primary Insurance Amount) Paid 100% 108% 116% 124% 132%

Effect of (“Late”) retirement on benefit (DOB: Jan 2, 1943 – Jan 1, 1955)

Why Choose Us?

Factors To Consider Before Making Your Decision:

We Provide The Facts to Help You With Your Decision

  • Your Health.

  • Your Life Expectancy and Your Break-even Age.

  • Your Cash Needs.

  • Your Spouse.

  • Strategies for Married Couples.

  • The 62/70 Split Strategy.

  • Whether You’re Still Working.

  • Taxes on Social Security.

  • Changing You Mind.

  • What about “The Future of Social Security”?