9 Point Checklist to Prepare for Retirement

4) Decide When to Collect Social Security

Relaxing whenever you want is a dream for everyone who enters into retirement. The truth is that most people did not save or invest enough to enjoy financial freedom, so most people will need to cash in on Social Security. This will be the money that buys basic essentials and supports your retirement dreams. The most important issue is deciding when to start collecting. The greater the benefit is the longer you wait. You will get 100% of the benefits if you wait until the full retirement age. If you start collecting early, depending on when you started collecting, you will only be able to reap 71 to 99% of the benefits. If you wait to claim, you will also be eligible for delayed retirement credits. These give you an increase in benefits each year until you reach age 70. Whoever you are and whatever position you are in, it usually pays to wait to collect till the full retirement age.