Dear Rusty: I will be age 66 ½ in June and would like to discuss when would be the best time for me to start taking my Social Security benefits. I am still employed full time and don’t want to be penalized because of that. Please let me know what I need to do to set up an appointment with you. I received your information from the AMAC website, and I look forward to hearing from you.

Signed: Ready to Claim

Dear Ready to Claim: You can certainly call us at (888) 750-2622 during normal business hours for a personal conversation. But to facilitate that conversation, be aware that deciding when to claim your Social Security (SS) benefits normally depends on just a few factors, including your financial need, your health and expected longevity, and your marital status. A few things to be aware of:

• Born in 1958, your full retirement age (FRA) is age 66 years and 8 months. If you were born in October 1958, you will reach you FRA in June 2025, and that is the point at which you can get 100 percent of the SS benefit you’ve earned from a lifetime of working.

• Once you reach your FRA in June, Social Security’s “annual earnings test” no longer applies. Thus, you can continue working after you start your SS benefits and your earnings will not negatively affect your monthly benefit amount. If you claim any earlier than your FRA, you will receive a smaller benefit and also be subject to Social Security’s annual earnings test (which for you this year — your FRA year — is $62,160, or $5,180 per month after you start your SS benefits). If you decide to claim before your FRA, your benefit will be reduced by 0.556 percent for each month early (a permanent reduction).

• You can also wait beyond your FRA to claim and earn Delayed Retirement Credits (DRCs) at the rate of 0.667 percent per month (8 percent per year of delay), in order to receive an even higher benefit later. If financially feasible, you can delay up to the age of 70 when your monthly benefit will reach maximum — about 27 percent more than it will be in June of this year.

• If you are single and will not be eligible for a spousal benefit, then you should make your claiming decision based only on your own needs. If, however, you are married and your spouse’s FRA benefit is more than twice your FRA amount, you may be entitled to a “spousal boost” (a supplemental amount added to your own SS benefit).

• Your life expectancy should be considered when deciding when to claim your SS retirement benefits. If you expect to enjoy at least “average” longevity (about 87 for a woman your current age), then you might also consider delaying your claim (if financially feasible) and that is often a prudent choice. If you don’t expect to achieve a long life, or if you need the money sooner, or if you are entitled to spousal benefits, then claiming at your FRA of 66 years and 8 months is likely your best option.

In the end, only you can decide when you should claim your Social Security, but we’re always here to answer any additional questions you may have.                    

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained, and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.