More on the Benefit of Delaying Social Security Benefits
Writing in the Winston-Salem Journal, financial planner Larry Hungerford provides a fairly detailed explanation of the overall advantages associated with waiting to full retirement age–and beyond–to begin drawing Social Security benefits. Citing the “76 percent difference between beginning Social Security at age 62 and age 70” as a fundamental reason to consider this strategy, Hungerford notes that longevity factors, coupled with taxation rules associated with Social Security income while continuing to work, all converge to make deferred filing financially attractive for those able to do it. And, he notes, for those born before January 2, 1954 who have not yet filed for benefits, there is still the Restricted Application route that can make even more of a financial difference. Read his post here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.