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…


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