Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 12 JULY 2006

Deciding When to Begin Receiving Social Security Benefits

Duane Morris LLP
Duane Morris LLP
Contributor
Explore more from Duane Morris LLP

For many Americans, their monthly Social Security check represents a significant portion of their annual retirement income. According to some studies, even the wealthiest 40% of retirees depend on Social Security for up to a third of their retirement income, on average.

United StatesTax
Author LinkedIn connections

For many Americans, their monthly Social Security check represents a significant portion of their annual retirement income. According to some studies, even the wealthiest 40% of retirees depend on Social Security for up to a third of their retirement income, on average.

Given the importance of this income stream, it is important to take great care in deciding when to begin receiving benefits. The benefit that you receive every month will depend to a large extent on whether you apply for benefits at age 62, at your full retirement age (65 to 67, depending on the year you were born), or at age 70.

Your monthly benefit at age 62 could be as much as 25% less than your "full" benefit at age 66, but delaying your first payment until age 70 could result in your monthly benefit being up to 40% higher than your "full" benefit. Furthermore, these differences apply to all of your lifetime payments.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

GENIUS Act Crypto Tax Guide 2025-2026: What US Investors, Businesses, And Taxpayers Need To Know About The New Stablecoin Law, Form 1099-DA, And Digital Asset Regulation

The United States cryptocurrency regulatory landscape has undergone its most dramatic transformation in history. The signing of the GENIUS Act into law on July 18, 2025 — the first comprehensive federal crypto statute ever enacted — marks a before-and-after moment for American digital asset law.
United StatesTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

A 5% Wealth Tax? Preparing Clients For California's Billionaire Tax Act

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.
United StatesTax
Withers LLP
Withers LLP
Article

IRS Proposes New Racial Nondiscrimination Regulations For Tax-exempt Private Schools

The US Treasury and IRS have proposed regulations that would eliminate longstanding exceptions allowing tax-exempt private schools to maintain race-conscious admissions and scholarship policies. Following the Supreme Court's decision in Students for Fair Admissions v. Harvard, these rules would apply to all private educational institutions, including K-12 schools not directly affected by that ruling, and could result in loss of tax-exempt status for noncompliance.
United StatesTax
McDermott Will & Schulte
McDermott Will & Schulte
Article

DHS Proposes $70,000 And $30,000 Fees For F-1 Optional Practical Training

The Department of Homeland Security has proposed a controversial new rule requiring SEVP-certified schools to pay substantial fees—$70,000 for a student's first Optional Practical Training recommendation and $30,000 for each subsequent OPT application, including STEM extensions. With only a 30-day comment period and potential annual costs reaching up to $16.5 billion across nearly 2,500 affected institutions, the proposed regulation is expected to face significant legal challenges if finalized.
United StatesImmigration
Duane Morris LLP
Duane Morris LLP
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

California Court Of Appeal Finds That An Employment Arbitration Agreement Entered Into “Freely And Voluntarily” Actually Was Forced, Illegal, And Invalid Under California Law

The California Court of Appeal ruled that requiring employees to sign arbitration agreements as a condition of employment violates California Labor Code section 432.6 when the Federal Arbitration Act does not apply. The court found that even agreements stating they are "voluntary" on their face may be unenforceable if evidence shows employees had no real choice but to sign or seek other employment.
United StatesEmployment and HR
Duane Morris LLP
Duane Morris LLP