When should you take Social Security?

• Life expectancy – For all of us, it's one of life's great mysteries: How long will we live? Of course, we can't see into the future, so the question can't be answered with total confidence. But to make an informed decision on when to take Social Security, you don't need to know your exact lifespan — you just need to make a reasonably good estimate. So, for example, if you're approaching 62, you're enjoying excellent health and you have a family history of longevity, you might conclude it's worth waiting a few years to collect Social Security, so you can receive the bigger payments. Conversely, if your health is questionable and your family has not been fortunate in terms of longevity, you might want to start taking your benefits earlier.
• Employment – You can certainly continue working and still receive Social Security benefits. However, if you're under your full retirement age for the entire year, Social Security will deduct $1 from your benefits for every $2 you earn above the annual limit of $22,320. In the year you reach your full retirement age, Social Security will deduct $1 in benefits for every $3 you earn above $59,520. So, you may want to keep these reductions in mind when deciding when to begin accepting benefits. Once you reach your full retirement age, you can earn any amount without losing benefits. (Also, at your full retirement age, Social Security will recalculate your benefit amount to credit you for the months you received reduced benefits because of your excess earnings.)
• Spouse – Spouses can receive two types of Social Security benefits: spousal and survivor. With a spousal benefit, your spouse can receive up to 50 percent of your full retirement benefits, regardless of when you start taking them. (Your spouse's benefit can be reduced by the amount of their own retirement benefit and whether they took Social Security before their full retirement age.) But with a survivor benefit, your decision about when to take Social Security can make a big difference. A surviving spouse can receive the larger of their own benefit or 100 percent of a deceased spouse's benefit, so if you take benefits early and receive a permanent reduction, your spouse's survivor benefit may also be reduced for their lifetime.

MCLA Class of 2024 Told 'This Is Your Time'

By Tammy DanielsiBerkshires Staff
05:22PM / Saturday, May 11, 2024

Commencement speaker Shannon Holsey shares some advice from her father: 'My dad always said if you're not hitting a few guardrails, you're not going fast enough.' See more photos here.

NORTH ADAMS, Mass. — Massachusetts College of Liberal Arts awarded 175 degree and certificates at the college's 125th commencement ceremonies on Saturday. 

 

Keynote speaker Shannon Holsey, president of the Stockbridge-Munsee Band of Mohicans, said past graduations have occurred during periods of peace with little fanfare. But not so for the class of 2024. 

 

"Your class has come of an age and a moment of great conflict in our nation and for the world," she said. "A rare inflection in points in history where the size and scope of the challenges before us require that we remake our world to its renewed promise. That we align our deepest values and commitments to the demands of the new age. It's a privilege and responsibility afforded a few to a few generations. And for that task that you're now called to fulfill is huge."

 

Holsey told the class not to wait to share their opinions or ideas or to shape the world. Punctuated by applause at several points, the Native American leader said this is a world that "aches under the weight of violence, instability and threats to global order" and invests more in wars and weapons than education and health care. 

 

She referenced the experience of her own nation, dispossessed from the very land that she stood on and reduced from thousands to hundreds as they were forced to move farther west.

 

"This day of all days, is one of my birthright and seems most fitting that this place is a perfect space to celebrate and honor my ancestors who sacrificed so much to be here," Holsey said. Past leaders had seen education as a countercheck for "adapting and understanding a complex system that wasn't necessarily designed for indigenous people."

 

"I have learned that diversity in human experience gives rise to diversity in thought, which creates distinct ideas and methods of problem solving. The power of differences can make us smarter and more creative. If we accept the differences are OK," she said. "The world doesn't need more people trying to fit in like a cookie-cutter sameness."