Before you rush to get your benefits, State Farm® encourages everyone to make an informed decision. Know your full retirement age and closely evaluate potential scenarios. For example, if you were born in 1960 or later, your full retirement age is 67. If you expect to live to be at least 82 1/2, it makes financial sense to delay drawing benefits until age 70. At that age, you would receive 124 percent of your benefit, as opposed to 100 percent at age 67 or 70 percent at age 62.
It is important to develop a retirement plan that does not rely solely on Social Security. A suggested approach is:
Neither State Farm® nor its agents provide tax or legal advice.
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