Proposed Incentive for Delaying Benefits
It is generally accepted that waiting to claim benefits is in the best interest of those filing for Social Security. From the age of 62 to the age of 70 benefits grow at a rate of 7-8% each year. Those taking benefits earlier in retirement are effectively losing out on this “free” money. Many cannot afford to wait, though, due to many different factors including health and current financial well-being. One proposed solution could help those that want to reap the benefits of waiting to claim in the form of a lump-sum cash payment for those that would delay filing for Social Security. For more information on this topic, visit this article by Philip Moeller with Time.
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