Is 2021 Your Year to Claim Social Security?
After paying into the Social Security system for decades, you're probably eager to sit back and let those checks start rolling in. Perhaps you're thinking that 2021 could be your year.
But there's a lot of calculation -- as well as some guesswork -- involved in deciding when to start benefits. Claiming early permanently reduces the size of your monthly benefit, but gives you a longer period during which to collect them. If you start later, each check will be larger -- but unless you have a long life, you may not have enough time to make up for the checks you missed by waiting.
Not everyone has the luxury of holding out for the strategy that will maximize their benefits. If you're in your early 60s and taking Social Security is the only way to pay your bills or avoid going deep into debt, you can't afford to delay. But if you have some flexibility and are weighing whether to claim now or hold off, here are some signs that 2021 should be your year.
Source Fool.com
