Three Solid Reasons to Start Social Security at Age 65

The earliest a person can begin drawing Social Security is at the age of 62. A person will face a deduction in benefits when he or she takes Social Security at that earlier point in time. The age at which Americans can draw full Social Security benefits is 66 or 67 depending on when an individual was born.

Recent news reports maintain that 65 is the right age for a person to begin drawing Social Security benefits. These media stories put forth three reasons why 65 is an ideal age to start receiving Social Security benefits.

Full Retirement Age is Not Far Off

A primary reason why drawing Social Security at age 65 is a safer bet than at an earlier age. Because 65 is only one to two years from full retirement age, the amount of benefit deduction will not be as significant as when a person takes the advantage at the earliest possible age, which is 62. In other words, the trade-off between beginning benefits a year or two more initial offsets the downside of facing a lifetime reduction in money paid to a person through the program.

Medicare Eligibility Commences at 65

Another prime reason why beginning to draw Social Security benefits at age 65 is Medicare starts at the same time. Although not perfect, Medicare does provide decent healthcare coverage for Americans over the age of 65.

The combination of commencing Medicare coverage and Social Security benefits at 65 can make financial sense for many people. Although there will be a bit of a reduction in Social Security benefits when they are commenced at 65, a person can at least rest assured that he or she will have decent health care coverage through the Medicare program.

Still Young Enough to Enjoy Life

Retiring at 65 is at a point in life at which an individual can still actually enjoy life. A person retiring at the age of 65 is at a juncture at which he or she can engage in a variety of activities that may not be possible as a person ages.

Consult a Financial Adviser

As part of the process of determining when a person should begin to draw Social Security benefits, an individual should seriously consider consulting a financial adviser or a retirement planning professional located near a Social Security Office. This type of assistance can prove to be an invaluable resource to a person making retirement decisions, including when to start drawing Social Security benefits.