At Falco and Associates PC an estate plan is not “getting a Will”. As an example, determining when to take your Social Security Pension is an important Estate Planning variable that should be factored in.
A person can begin to receive Social Security benefits at sixty-two years old. However, if a worker waits until sixty-five or sixty-seven, depending on the year they were born, they will be able to receive a higher benefit amount.
In 1983, Congress passed a bill that slowly increased the retirement age for workers after 1960. Before, at sixty-two retirees could claim eighty percent of their Social Security benefits. Now, those born after 1960 will only claim seventy percent of their total benefit amount if they opt to retire early.
Continue reading to learn more about how this will affect retirees who are turning 66 this year.
