The case for not waiting to claim Social Security
More and more people are taking advantage of Social Security’s built in benefit growth which causes the size of your payment to increase for each month you delay claiming your benefits. Although you can claim benefits as early as age 62, if you wait until your full retirement age (as defined by Social Security) you could get as much as 25% more, and if you wait until age 70 you could get another 32% on top of that. Viewed in this context, waiting to apply for benefits makes a lot of sense. But in this madison.com article by Todd Campbell, he reveals that his own personal strategy is to claim as soon as he can and invest his benefits to create a bigger nest egg. Click here to read more.
NOTE: While this article reveals the author’s personal strategy, the decision on when to claim your Social Security benefit is a very personal choice which should be guided by your individual circumstances. As the author points out, there is considerable risk in his planned approach. If you have any questions about your individual situation under Social Security, the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…