Money Mondays

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Americans are now living longer. This is a question that we have to address, so we can have money during our golden years. Today, most people stay in the workforce longer. What happens if you do not want to work? Would social security benefits be enough money to pay your bills? When should we start receiving our retirement benefits?

If you cannot work, you do not have a choice. That is why it is important to keep some money in the bank, and to look for other investment ideas. When you are sick, it is a no brainer, you have to start your disability or social security benefits.

If you are 63 years old, and have enough money invested in social security, should you retired? I found some information about this issue to help you decide.

McClain (2015) wrote, “There is no single “right” answer to the question of when to start benefits. Many base their decision on family considerations, economic circumstances, and personal preferences.”

Atkins (2010) wrote, “On reaching 62 years of age, qualified individuals can begin receiving social security benefits. However, benefits at 62 years of age are reduced to 75% of the beneficiary’s Primary Insurance Amount (PIA)”.

The lower the benefit amount, the more beneficial it is to wait and begin collecting benefits later. So a person who expects to live a long time, and is a conservative with their money may wish to wait to initiate Social Security benefits. If you have some money saved for a rainy day, you can start collecting your money. You have to weight all your options, and you have to prepare for the worst.


Atkins, A., & Bain, C. (2010). Deciding when to initiate social security benefits. Journal of

Business & Economics Research, 8(4), 123

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