Taking retirement benefits sooner or later depends a lot on your health, lifestyle and financial needs and resources

ATLANTA, Jan. 22, 2015 /PRNewswire/ - When to retire and take your Social Security benefits are decisions that should be made in the context of a retirement plan that takes into consideration your health, lifestyle and financial resources, according to the experts at Atlantic Trust, the U.S. private wealth management division of CIBC (NYSE: CM) (TSX: CM).

Social Security is the largest source of retirement income for Americans age 65 and older. For some individuals, it may actually make sense in some cases to take those benefits before or even after reaching full retirement age, which is defined as the age at which one becomes eligible to take full Social Security benefits.

"You want to ensure that you obtain the fullest benefits possible at whatever age you decide to retire," says Catherine Schnaubelt, a wealth strategist for Atlantic Trust, in Houston. "There are many factors that will influence your decision on when to claim retirement benefits, such as your health, life expectancy, marital status and other income sources. But, the first step in evaluating this important retirement income decision is to understand the underlying rules regarding Social Security payments."

Benefits may be taken starting as early as age 62, but they will be reduced for each month they are paid prior to reaching full retirement age. This option may be the most sensible option for those in need of funds to cover living or medical expenses, are unable to work, or have a shorter life expectancy, she says.

Conversely, those with a longer life expectancy or who are able and willing to work past full retirement age can delay taking benefits. Individuals who delay receiving payments until after full retirement age, but prior to age 70 will receive a Delayed Retirement Credit for each year until they begin receiving benefits or reach age 70, whichever comes first. There is no advantage to delaying past age 70.

In both cases, benefits drawn while also working are reduced until the individual reaches full retirement age, but may be subject to taxes depending on that person's modified annual gross income calculation. Generally, if Social Security benefits are the sole source of income, they are not taxable.

Visit www.atlantictrust.com for more resources concerning retirement planning and Social Security benefits, or read "When to Claim Social Security Benefits?" on Atlantic Trust's Online Resource Center.

About Atlantic Trust

Atlantic Trust is one of the nation's leading private wealth management firms, offering integrated wealth management for high-net-worth individuals, families, foundations and endowments. The firm considers clients' financial, trust, estate planning and philanthropic needs in developing customized asset allocation and investment management strategies. Experienced professionals deliver a broad range of solutions, including proprietary investment offerings and a robust open architecture platform of traditional and alternative managers. Atlantic Trust operates in 12 full-service locations throughout the U.S. with $25.9 billion in assets under management (as of October 31, 2014). For more information, visit www.atlantictrust.com.

About CIBC

CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products to individual, small business, commercial, corporate and institutional clients in Canada and around the world. CIBC owns a 41 percent equity interest in American Century Investments®, a major U.S. asset management company, serving financial intermediaries, institutions and individuals, and acquired Atlantic Trust, a premier U.S. private wealth management firm, in January 2014. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE Atlantic Trust Private Wealth Management