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Delaying Social Security for More Money Is Overrated

This article by Stefon Walters is somewhat of a contrarian with his piece here arguing the delaying benefits for higher monthly payouts is not advised. Most financial experts argue to wait as long as possible to start Social Security (to age 70 max) to get the highest payout possible. What’s the other side of the argument? Walters says we have no way of knowing our death day so enjoying lower benefits but for a longer time period may make sense for many. Using Social Security’s benefits calculator, Walters displays a chart showing expected monthly pay and the total amount received by certain ages for one born in 1970 making $80,000 annually. With these figures, by age 80, delaying benefits until 70 results in less overall benefits than starting at 70. By age 85, total benefits are more, but there’s no way of knowing if someone will live long enough for the trade-off to make sense. Full article here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.

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