If you’re considering applying for Social Security retirement benefits

here are three signs you might not be ready yet:

– Your Savings Are Uncertain:

If you’re unsure about your savings or rely heavily on Social Security as your sole income source, it may be wise to wait. Social Security benefits replace about 40% of your pre-retirement income, so having other sources of income or sufficient savings is crucial to maintain your lifestyle.

– You’re Unsure About How Age Affects Your Benefits: Your age significantly impacts your benefit amount. Claiming before your full retirement age (FRA) results in reduced benefits, while delaying past your FRA increases your monthly payments. Understanding how your age affects your benefits can help you make an informed decision.

– You Haven’t Strategized with Your Spouse: If you’re married, coordinating with your spouse on when to claim benefits can significantly impact your retirement income. Considering factors like survivor benefits and optimizing your claiming strategy can ensure you maximize your benefits ¹.

Before applying, consider these factors and potentially consult with a financial advisor to determine the best approach for your situation. You can apply for retirement benefits up to four months before you want to start receiving them, and it’s recommended to sign up for Medicare three months before your 65th birthday ².