Few topics are more controversial among financial planners than when you should claim your hard-earned Social Security benefits. Sometimes, claiming as soon as you possibly can is a smart move, while other times, waiting until the last possible moment can pay off for you and your loved ones. Somewhere in between is what the Social Security Administration considers to be “on time,” but is it the right time for you? You’ll learn about three reasons it might be, but first, let’s look more closely at what on time really means.
When is “on time” for Social Security?
The SSA looks at the definition of full retirement age to determine whether someone is filing on time. Your full retirement age depends on your year of birth, and you’ll find a quick guide in the chart below.