In 2012, the first of the baby boomers will turn 66 years old and, as a result, they will be the first of the baby boomers to claim the full amount of Social Security benefits that they have earned. As my blog suggested earlier this week, although the full benefit is available at age 66, many baby boomers may decide to delay their claim for benefits until later so that they can take advantage of enhanced benefits. Regardless of which option you choose, there are some additional things that should be considered prior to making your decision:
- whether you and your spouse are maximizing your benefits options through proper planning and claiming
- whether it may be beneficial for you to continue to work after claiming benefits
- the need to apply for Medicare coverage, etc.
Read this article to learn more about the options you face upon turning age 66 in 2012.