Posted on April 27, 2005 at 16:55:03:
There’s more money going into Social Security this year. The wage base has risen to $90,000 for Social Security. But there’s more money coming out, too; benefits rose 2.7 percent in January.
Those turning 62 this year can start collecting a reduced check not (and throughout their lives) or wait until they are 66 to collect the full monthly amount. What’s the better choice? That depends on how long you live. Start collecting at 62, and you’re ahead of the game until you turn 78 or so. Then the reduced benefits will cost you. Consider the longevity of your forebears before you decide.
How much will you get? That depends on what you have earned over your working life. The Social Security Administration sends you a report each year detailing your expected benefits. Married people get an advantage: they can collect benefits based on a spouse’s work history, if that is higher.