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Is Delaying Taking Your Social Security Until Age 70 Always the Best Choice? - The Motley Fool
The average life expectancy has risen over the years, making delaying your Social Security benefits until age 70 a sensible choice for some people. If you have a family history of a long life expectancy, you may want to consider this option. You will then receive your maximum Social Security benefit. If you are married and the higher-income earner, and your spouse survives you, they will receive 100% of your benefit , as long as they have reached their full retirement age (FRA), and their smaller benefit will end.
When you delay taking your Social Security benefits until age 70 versus starting at age 62, your benefit grows by 76%! That is a substantial increase. It is really something to consider, especially if you will be financially dependent on your Social Security. The average break-even point is 82 years old. You can outlive your savings, but you can’t outlive your Social Security payments.
However, not all benefits grow until age 70; some stop growing at your FRA. If you didn’t work very much, say, for example, you were a stay-at-home mom or caretaker, you may be eligible for a spousal benefit, which would equal 50% of your spouse’s benefit. A spousal benefit maxes out at your FRA, so it wouldn’t make sense to delay taking it. If you’re the surviving spouse, the surviving spouse benefit also maxes out at your FRA, so once again, you wouldn’t want to delay taking it. In these cases, take the benefit at FRA instead of waiting.
Christy Bieber has written an article about this topic. Read the full article here ….
If you would like more information about this topic, email your questions to ssadvisor@amacfoundation.org or call and speak with an advisor at (888)750-2622