When to Apply for SS Benefits

People don’t always hate their jobs; sometimes they love it. Sometimes, they would rather keep working while they feel like they still have the energy to keep doing so, before cashing in their retirement chips. Is there any real danger in postponing an application for Social Security benefits?

The answer is: YES!

You could lose access to thousands of dollars that could be yours. Benefits typically rise 8 percentage points a year between your full retirement age and the age of 70, after which no credits accrue. You have six months’ worth of back benefits available to you if you apply late. So if you apply at the age of 71, that’s a year’s worth of payments that can not be redeemed or recovered.

The lesson here: don’t wait!