WKYT - Better Living - Headlines

When is the best time to tap into your Social Security benefits?

While there are plenty of reasons to be concerned about the future of Social Security, many people still do not understand their Social Security benefits.

Some Americans say Social Security is the only safety net they have.

The average monthly Social Security check is $1,100, but it all hinges on when you tap benefits.

You can start taking benefits at age 62, but experts advise you wait longer.

For example, your benefits will be higher if you tap in after age 66.

However, experts say waiting too long can hurt you.

"It doesn't make sense to wait to take benefits until beyond age 70, because your benefits aren't increased for that," financial expert Steve Vernon said. "The other circumstance where it doesn't make sense to wait is if you're in poor health, or if you are truly desperate and you have no income."

The AARP has a calculator which can help you figure out your Social Security benefits.

You can find a link to that calculator attached to this story.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 127836808 - wkyt.com/a?a=127836808
Gray Television, Inc.