When Should You Start Taking Your Social Security Benefits?

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Deciding when to begin collecting Social Security retirement benefits is one of the most important financial decisions many people make as they approach retirement. At The Lansky Law Firm, we often remind clients that this decision is about more than just a monthly check. It plays a meaningful role in your long-term financial security, your estate plan, and your overall peace of mind.

Some individuals choose to claim benefits as soon as they become eligible, while others delay as long as possible to increase their monthly payment. There is no single right answer. However, understanding how Social Security works and how it fits into your broader estate planning strategy can help you make a more confident and informed choice.

Many estate planning professionals, including the team at The Lansky Law Firm, encourage individuals who can afford to wait to consider delaying their benefits. With longer life expectancies, one of the greatest risks retirees face is not running out of money early in retirement, but outliving their savings later. Social Security can provide a stable, guaranteed source of income during those later years, especially when coordinated properly with your estate plan.

Understanding Full Retirement Age

One of the most important milestones to understand is your full retirement age. This is the age at which you are entitled to receive 100 percent of your Social Security retirement benefit.

Your full retirement age depends on your year of birth:

• If you were born in 1937 or earlier, your full retirement age is 65

• For those born between 1938 and 1959, full retirement age gradually increases

• For anyone born in 1960 or later, full retirement age is 67

Knowing your full retirement age is essential when planning with The Lansky Law Firm, as it affects not only your monthly benefit amount but also how Social Security integrates with your broader retirement and estate planning goals.

Taking Benefits Early

You may begin collecting Social Security retirement benefits as early as age 62. However, starting early results in a permanent reduction to your monthly benefit.

If your full retirement age is 67, your benefit is reduced by approximately:

• 30 percent if you start at age 62

• 25 percent if you start at age 63

• 20 percent if you start at age 64

• 13.3 percent if you start at age 65

• 6.7 percent if you start at age 66

These reductions last for the rest of your life, even after you reach full retirement age. While early claiming may make sense in certain situations, such as health concerns or immediate financial needs, The Lansky Law Firm encourages individuals to fully understand the long-term impact before making this decision.

Why Timing Matters

The decision of when to take Social Security should be based on more than just age. At

The Lansky Law Firm, we help clients evaluate several important factors, including:

• Your current income needs

• Your health and family longevity

• Whether you plan to continue working

• Other retirement savings and income sources

Because Social Security is designed to provide guaranteed income for life, the timing of when you claim benefits can significantly affect your long-term financial stability and your ability to protect loved ones through thoughtful estate planning.

Planning Ahead With The Lansky Law Firm

Choosing when to take Social Security benefits should be part of a broader retirement and estate planning conversation. Coordinating your Social Security decisions with retirement accounts, assets, beneficiary designations, and long-term goals can help create a more predictable and secure future.

At The Lansky Law Firm, we believe proactive planning allows you to move forward with confidence, knowing your wishes are clearly documented and your family is protected.

In a future post, we will explore what happens when you delay taking benefits past full retirement age, including how delayed retirement credits work and how to evaluate your personal break-even point.

Peace of Mind Through Preparation

Your Social Security decisions today can have a lasting impact on your financial future and your estate plan. If you want the security that comes from knowing your retirement and estate planning decisions are aligned, The Lansky Law Firm is here to help.

Visit Us: 6800 Poplar Ave #225, Memphis, TN 38138

Call Us: (901) 767-7006

Learn More: www.lanskylawfirm.com

Take the time to safeguard your family’s future today. With thoughtful preparation and guidance from The Lansky Law Firm, you can move into retirement with clarity, confidence, and peace of mind.