Moneywise On Oneplace.com

DECIDING WHEN TO START RECEIVING SOCIAL SECURITY BENEFITSIt's recommended to delay receiving Social Security benefits until Full Retirement Age (FRA) of 66 or 67, as benefits are permanently reduced by about 8% for each year you start taking them before reaching FRA. BREAK-EVEN POINT FOR DELAYING SOCIAL SECURITY BENEFITSIf you delay receiving Social Security benefits until FRA, it takes nearly 12 years to recoup the money you missed by not taking benefits early. After around age 79, you'll be financially ahead each month for the rest of your life. LIFE EXPECTANCY CONSIDERATIONS FOR SOCIAL SECURITYOnce you reach age 65, the average life expectancy is 86 for females and 83 for males. While there's no guarantee of living that long, the odds are in your favor, making it beneficial to wait for higher monthly benefits. WORKING WHILE RECEIVING SOCIAL SECURITY BENEFITSIf you start receiving Social Security benefits before FRA and continue to work, your benefits will be temporarily reduced if you earn more than a cert