Social Security Review

It's one of the biggest decisions you can make in retirement - when and how to file for Social Security.

Nearly 90% of Americans age 65 and older receive Social Security income.

On average, Social Security represents 30% of a retired person's income. However, 37% of men and 42% of women receive more than 50% of their income from Social Security.


Even if you won't be completely reliant on Social Security for income, it's likely that the program will be a major piece of your retirement income puzzle.

At Aspire, we analyze your Social Security options to help you make an informed decision on when to file for benefits. While every situation is different, there are a few options to consider as you approach filing time.


An important factor in your filing decision is your full retirement age (FRA). This is the age at which you can file and receive your full Social Security benefit.

Nearly 90% of Americans age 65 and older receive Social Security income.

On average, Social Security represents 30% of a retired person's income. However, 37% of men and 42% of women receive more than 50% of their income from Social Security.


Even if you won't be completely reliant on Social Security for income, it's likely that the program will be a major piece of your retirement income puzzle.

At Aspire, we analyze your Social Security options to help you make an informed decision on when to file for benefits. While every situation is different, there are a few options to consider as you approach filing time.


An important factor in your filing decision is your full retirement age (FRA). This is the age at which you can file and receive your full Social Security benefit.

Nearly 90% of Americans age 65 and older receive Social Security income.

On average, Social Security represents 30% of a retired person's income. However, 37% of men and 42% of women receive more than 50% of their income from Social Security.


Even if you won't be completely reliant on Social Security for income, it's likely that the program will be a major piece of your retirement income puzzle.

At Aspire, we analyze your Social Security options to help you make an informed decision on when to file for benefits. While every situation is different, there are a few options to consider as you approach filing time.


An important factor in your filing decision is your full retirement age (FRA). This is the age at which you can file and receive your full Social Security benefit.

Your FRA depends on your date of birth:

YEAR OF BIRTH FULL RETIREMENT AGE
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

At Aspire, we analyze your Social Security options to help you make an informed decision on when to file for benefits. While every situation is different, there are a few options to consider as you approach filing time.


An important factor in your filing decision is your full retirement age (FRA). This is the age at which you can file and receive your full Social Security benefit.

You can file as early as age 62. However, if you file early, your benefit could be permanently reduced. The amount of the reduction depends on how far you are from your FRA. For example, if you file at age 62 and your FRA is age 67, your benefit is reduced by 30%.


This is a permanent reduction. You may get cost-of-living increases in the future, but your benefit will never be at the level it would have been if you waited until your FRA to file.

You can also delay your filing past your FRA. In fact, you can increase your benefit amount by doing so. You get an 8% creadit for each year that you delay filing, up to age 70. If your FRA is 67 and you delay until age 70, you could increase your benefit by 8% for three years, or a total of 24%.


Which is better? It really depends on your individual needs. By filing early, you get a reduced benefit but you also get more years of payments. Waiting to file increases your benefit, but you get payments for fewer years. The filing decision depends on your unique nees, goals, and challenges.


Our team works with you to fully understand your needs and analyze your options. We help you make an informed decision about when to file and also assist with other Social Security options like:

  • Spousal benefits
  • Survivor benefits
  • Children's benefits
  • Disability needs
  • And more

Your FRA depends on your date of birth:

YEAR OF BIRTH FULL RETIREMENT AGE
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

At Aspire, we analyze your Social Security options to help you make an informed decision on when to file for benefits. While every situation is different, there are a few options to consider as you approach filing time.


An important factor in your filing decision is your full retirement age (FRA). This is the age at which you can file and receive your full Social Security benefit.

Your FRA depends on your date of birth:

YEAR OF BIRTH FULL RETIREMENT AGE
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

Your FRA is the age at which you can receive your full benefit.



However, it's not the only time you can file.

You can file as early as age 62. However, if you file early, your benefit could be permanently reduced. The amount of the reduction depends on how far you are from your FRA. For example, if you file at age 62 and your FRA is age 67, your benefit is reduced by 30%.


This is a permanent reduction. You may get cost-of-living increases in the future, but your benefit will never be at the level it would have been if you waited until your FRA to file.

You can also delay your filing past your FRA. In fact, you can increase your benefit amount by doing so. You get an 8% creadit for each year that you delay filing, up to age 70. If your FRA is 67 and you delay until age 70, you could increase your benefit by 8% for three years, or a total of 24%.


Which is better? It really depends on your individual needs. By filing early, you get a reduced benefit but you also get more years of payments. Waiting to file increases your benefit, but you get payments for fewer years. The filing decision depends on your unique nees, goals, and challenges.


Our team works with you to fully understand your needs and analyze your options. We help you make an informed decision about when to file and also assist with other Social Security options like:

  • Spousal benefits
  • Survivor benefits
  • Children's benefits
  • Disability needs
  • And more

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