• Question
  • Postponing Social Security

    Asked on 5/31/2012

    If I retire early and sign up for social security but postpone getting it until age 70 will I be guaranteed to get it at age 70 (meaning once you sign up for retirement and are in the system are you still guaranteed to get it no matter what age you choose to start it?)

  • Categories: How Calculated?, Retirement Planning, Social Security


  • Editorial 


    San Francisco, CA

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  • Recent news reports about the very real problems facing Social Security have many people scared.

    You are not the only one asking: "Will Social Security be there for me when I retire?"

    Unfortunately, there really is no way to sign up in advance for Social Security in order to guarantee your benefits. Right now you can become eligible for Social Security Retirement Benefits when you turn 62 -- although your monthly benefit amount is much higher if you wait to start until your maximum retirement date -- usually around age 67 or older.

    There are currently various ideas about guaranteeing that everyone will at some point be able to receive Social Security benefits. However, passing federal legislation to save Social Security will likely prove to be very difficult.

    The various ideas under debate for Saving Social Security include:
    -- Increasing taxes now to pay for Social Security benefits later
    -- Raising the eligibility age -- This would likely happen very gradually and not impact current retirees
    -- Reducing Social Security benefits for the very wealthy

    Of the proposals, raising the eligibility age is probably the most viable and rational. While many people want to retire at age 62 or before, the reality is that we live a LOT longer now than previous generations. In the 1930s -- when Social Security was introduced -- the life expectancy of Americans who made it to adulthood was age 65. Today's longevity is 75 or 80! That is a big difference!

  • Login to rate this answer:   Answered on 6/1/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.