When to Claim Social Security: 3 Timing Scenarios

Early, late or right on time? Those are the three Social Security claiming options. Here are three different people who chose three different strategies, and why. Perhaps their decisions could help guide yours.

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With Social Security, there are always plenty of questions to answer, but perhaps the most fundamental one can be boiled down to one word: When. When should you start taking benefits?

When do you turn on the income stream that is a lifeline for so many folks: As soon as possible — and with the lowest monthly benefit possible — at age 62? Wait until your full retirement age for full benefits? Or put it off until age 70 to earn delayed retirement credits and get about 75% more per month than if you had retired at 62?

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Marguerita M. Cheng, CFP® & RICP®
CEO, Blue Ocean Global Wealth

Marguerita M. Cheng is the Chief Executive Officer at Blue Ocean Global Wealth. She is a CFP® professional, a Chartered Retirement Planning Counselor℠ and a Retirement Income Certified Professional. She helps educate the public, policymakers and media about the benefits of competent, ethical financial planning.