When to Start Collecting Social Security

The biggest challenge for Americans who are approaching retirement age face is deciding when to start collecting Social Security. The choices are whether to start collecting Social Security earlier and receive smaller payments, or wait to start collecting it later and receive larger payments.

Social Security Statements

The amount of Social Security you are eligible to start collecting depends on how much you’ve paid into it over the course of your working life. The Social Security Administration will send a statement to you every 5 years from ages 25-60, and, after that, 3 months prior to your birthday, that shows your earnings record and future benefits estimate. You may also check your account online through the MY SSA web site. Continue reading →