Social security payments become available to some taxpayers at age 62. Tempted to take those benefits right away? Before jumping in with both feet, discuss the timing with your financial professional.

The longer you wait to begin receiving your social security, the greater your monthly payments will be. For example, if a person is eligible to receive $1000 at full retirement age, and they begin accepting payments at age 62, they will receive $750 per month. In contrast, if they wait until age 70, they will earn extra credit and their payments will be $1320 per month – that’s a pretty big increase. **

The timing of social security requires an analysis of many factors and differs from person to person and couple to couple. For example, a person in poor health may elect to receive payments as soon as possible. However, lifespans are on the rise and taxpayers with other assets may consider delaying the receipt of social security to maximize their payments into old age.

**Figures and calculations provided in this article are illustrations and examples and are not intended to be relied upon for any purpose. For detailed information about your actual social security benefits, which vary from person to person, you can contact the Social Security Administration. The following link to further information from the Social Security Administration website may also be useful to you: http://www.ssa.gov/pubs/10035.html

Conveniently located in Central New York state, Ann Wolfson Associates is a financial planning and consulting firm dedicated to helping individuals, families and organizations reach their financial goals. If you have questions about this article or if you would like to become a client of Ann Wolfson Associates, please call (315)449-4730.