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Patience will pay off for you in a higher Social Security monthly benefit
Your Social Security benefit will be calculated based on the wages you earned during your 35 highest-paid years, but the amount you actually collect each month will also depend heavily on what age you claim these benefits. If you file for your Social Security benefits at age 62, your monthly benefit will be permanently reduced but you can expect to collect payments for a longer period of time. However, if you file later, say age 70, than your monthly benefit will be increased but for a shorter period of time. The attached article lists a few compelling reasons why you should postpone filing for your Social Security benefit. Read article here…
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