Delaying Social Security? When do you Break Even?
No issue may be more important than WHEN one begins Social Security benefits, as it determines monthly income for the rest of one’s life, and perhaps longer for a surviving spouse. Keith Speights explains it all here and has a good chart as a visual. In sum, as his chart shows, it would take time for the additional money you’d receive for delaying Social Security benefits to break even with what you’d get by retiring early at age 62. Waiting until age 65 results in breaking even around 72-1/2. Waiting until full retirement age of 67 means break even at a little over 78-1/2. Waiting until age 70 to start benefits results in a breakeven point at a little under age 80-1/2. Entire article is 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-accredited Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.