9 Key Factors To Consider When Planning For Social Security Benefits

It may look like a standard piece of junk mail, but the annual Social Security Statement that is mailed out just before your birthday every year is far from a piece of junk. While many will throw it out without ever looking at it, everyone regardless of their age should carefully read it.

1Social Security Milestones

  • Age 62 is the minimum age at which anyone can draw from their Social Security retirement account, though many sometimes confuse it with 59 1/2, which is the minimum age an individual may tap into many IRAs and retirement accounts without penalty.
  • Age 65, 66 or 67, depending on your birth date, is the age at which a person can claim full retirement benefit amounts.
  • Age 70 is the maximum age for purposes of estimating Social Security benefits.