If you've been working and paying into Social Security for many years, you may be eager to sign up for benefits and starting collecting those monthly checks. And once you turn 62, you're allowed to claim Social Security at any time.
It's important to choose the right filing age, since it will have an impact on the amount of money Social Security pays you each month. But if any of these signs apply to you, it means you're not ready to sign up for Social Security just yet.
Although your retirement benefits from Social Security will partly depend on your filing age, they're also based on your earnings history. Claiming benefits at full retirement age will mean getting your complete Social Security check each month without a reduction, whereas signing up earlier will mean accepting smaller monthly checks for life.
There's also the option to delay your Social Security claim past full retirement age. For each year you wait, until your 70th birthday, your benefits rise 8%.
But it's hard to make a smart decision on Social Security when you don't even know what monthly benefit you're in line for. So before you file, create an account on the Social Security Administration's website and get an estimate of your benefits by checking your most recent earnings statement.
