Social Security

Retirement Benefits

Filing for Social Security Benefits

Your age when you choose to collect Social Security has a big impact on the amount of money you ultimately get from the program. The earliest age that you can file for Social Security is 62. If you choose to do that, based on your job situation, health, or other reasons, you will receive a lower benefit—a permanent reduction of as much as 25%.

The key age is your Full Retirement Age (FRA). For people born between 1943 and 1954, full retirement age is 66. It gradually climbs toward 67 if your birthday falls between 1955 and 1959. For those born in 1960 or later, full retirement age is 67. Once you hit full retirement age, you can still choose to wait to collect on your Social Security retirement benefits, and there’s a big bonus to delaying your claim—your benefit will grow by 8% a year up until age 70. Any cost-of-living adjustments will be included, too, so you don’t forgo those by waiting. But keep in mind, after you turn 70 it usually doesn’t make sense to wait because your benefit will no longer grow.

Social Security

Watch More Videos

Social Security Filing Options – Don’t Leave Money on the Table

When it comes to filing for Social Security, many people don’t understand how many options exist, especially for married couples and divorced people who were married for at least ten years in the past. At SF Financial Services, we actually use software to try to make sure that your filing strategy will allow you to receive the highest benefit amount possible based on your unique situation. The calculators that you can sometimes find online are not robust, and most don’t take into account other circumstances which may impact you, or other options you may have available to you.

At SF Financial, we feel it is very important work with a financial advisor who focuses on Social Security, especially since there are up to 80 different filing strategies that a married couple can utilize.

Learn More About Retirement

GET YOUR FREE COPY OF SF FINANCIALS' E-BOOK:

TEN STEPS TO A
BETTER RETIREMENT

LET'S CONNECT

Schedule a complimentary consultation to discuss your personal situation by calling (719) 597-2179 or sending us a quick email through our contact page. We can meet in person in Colorado Springs or virtually from anywhere at your convenience.

LET'S CONNECT

Schedule a complimentary consultation to discuss your personal situation by calling (719) 597-2179 or sending us a quick email through our contact page. We can meet in person in Colorado Springs or virtually from anywhere at your convenience.

GET STARTED