If these conditions are relevant to your situation, consider applying for benefits in the upcoming year. As you prepare for 2024, whether it involves planning travel itineraries or contemplating a significant relocation to another state, you might also be weighing the option of filing for Social Security. If any of these considerations align with your circumstances, 2024 could be the ideal time for you to enroll in benefits.
You’ve reached the point where you’re prepared to retire, having amassed sufficient savings. Once you hit full retirement age (FRA), which falls at 66, 67, or somewhere in between, depending on your birth year, you become eligible for your complete monthly Social Security benefit based on your personal income history.
Prepared for Social Security retirement with ample savings
If your FRA is on the horizon in 2024, or you’re a bit shy of that age, it might still be an opportune time to claim benefits, especially if you’ve diligently saved for retirement and are ready to conclude your career. This decision allows you to reclaim your time and focus on activities you enjoy.
However, if concerns about the robustness of your nest egg linger, waiting until FRA to commence Social Security may be a prudent choice. On the other hand, if you possess a substantial sum, like $3 million, then moving forward with filing in 2024 could be a viable option, even if you haven’t quite reached that milestone.
Approaching 62 and dealing with health challenges
Reaching the age of 62 marks the earliest eligibility for Social Security enrollment. Initiating the filing process at this age incurs the maximum reduction in your monthly benefit, and this reduction persists throughout your lifetime. However, if you find yourself in significantly poor health, it might be worth considering applying for Social Security in the upcoming year, coinciding with your 62nd birthday.
While filing for Social Security at 62 results in a diminished monthly benefit, it could potentially yield a larger overall lifetime benefit if your life expectancy is relatively short. Although predicting lifespan is uncertain, if you grapple with significant health issues, opting for an early filing may be the more favorable choice.
Approaching 70 and maximizing Social Security benefits
Opting to delay your Social Security claim beyond Full Retirement Age (FRA) ensures a heightened benefit that lasts a lifetime, presenting a compelling reason to postpone filing, especially if you can continue working.
It’s crucial to note, however, that the accrual of delayed retirement credits ceases at age 70. In simpler terms, once you celebrate your 70th birthday, there’s no additional financial advantage to further delaying your Social Security claim.
If your 70th birthday is on the horizon in 2024, celebrate with gusto, but also prioritize signing up for Social Security to commence receiving your benefits.
As the new year approaches, consider the excitement it brings. While planning for 2024, assess whether claiming Social Security aligns with your goals. If these considerations resonate with your situation, allocate time to submit your application for benefits.