One for the Ages

Social Security

Consider the trade-offs before deciding what age to begin taking Social Security benefits

As you get close to retirement, one of your biggest questions will likely be when to begin taking Social Security benefits. If you file at an age other than your full retirement age, your benefit amount will be reduced or increased. Filing earlier gives you a reduced benefit; filing later gives you an increased benefit. For someone with a full retirement age of 67, here is what you can expect, based on the age you actually file for benefits:

Social Security Benefit by Filing Age:


62        70.0%

63        75.0%

64        80.0%

65        86.7%

66        93.3%

67        100.0%

68        108.0%

69        116.0%

70        124.0%

Source: Social Security Administration of the U.S. government.

Everyone’s situation is unique, so it’s important to look closely at the trade-offs before making your decision. Here are some reasons you might want to claim benefits earlier:

  • You simply need the money to help pay living expenses
  • You cannot work longer due to health reasons
  • You have caregiving responsibilities for a family member
  • You have been laid off or lost your job.

Here are some reasons you might want to claim benefits later: 

  • You don’t need the money right now, or have income from other sources to tide you over (such as a pension or workplace plan)
  • You believe you have a longer life expectancy, during which higher payments would be helpful
  • You plan to work at some level during retirement
  • You simply like the idea of getting higher benefits over the long term.

To increase your knowledge, check out AARP’s Social Security Resource Center (www.aarp.org/retirement/social-security) as well as the Social Security Administration’s Retirement Benefits web page (www.ssa.gov/planners).


This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Kmotion, Inc., 412 Beavercreek Road, Suite 611, Oregon City, OR 97045; www.kmotion.com

©2020 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.

#1- 05041711 (Exp. 08/21)