I RECENTLY read a statement on the differences on when to start receiving social security payments in the United States and it got me thinking of this. For people born in 1960 onward, they are eligible for full social security benefits in the US if they made sufficient payments based on years of employment at age 67. The variation to what one gets in the Philippines from the Social Security System, Government Service Insurance System or most private pension plans are the options open to a qualified recipient. The actual age for what is called full benefits is 67 but used to be 65. With lengthening average life, social security has been slowly adjusting based on the year of birth. Now one can start getting benefits but at a reduced level as early as 62, get full benefits at 67 and enhanced benefits if you wait until 70, which is the latest time to start claiming social security. One can choose anytime between 62 and 70 to start, but when you do, the amount you get is fixed except for the cost-of-living adjustments. That is a big deal.

For example, if you are eligible for full payments at 67 and made the full number of payments as to year and amount, here is more or less what one could claim for their monthly payments if one chose to start getting paid in 2025. If you are 62, it is about $2,700 a month. If 65, just below $3,000 a month. If 67, about $3,500 a month, and if you wait until the maximum, almost $4,700 a month. Complicating the decision is there are also survivor benefits for the spouse and minor children, but let's set that aside for this column. If you were eligible for benefits, which option would you choose? As lawyers are trained to answer, it depends.