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Rethinking the Generally-Accepted Advice of Delaying Social Security

Just about everyone who’s looked into Social Security has heard the advice to delay filing as long as you can, even waiting to age 70, if possible. And certainly, avoid filing at the earliest possible opportunity (age 62). In fact, here at the AMAC Foundation Social Security Advisory Service, the general question of “when should I file” is the most frequent question we receive. In addressing this question, we explain the discount associated with filing before one’s full retirement age, as well as the premium available to age 70 as a result of delayed retirement credits. But we also caution folks to make the decision in the context of their own life expectancy. So the answer to the question really becomes, “It depends.”

In a post today on, the Motley Fool’s Maurie Backman addresses the issue of deferring filing and the implications this decision has for total lifetime benefits from Social Security. Ms. Backman provides a clear example of how this sage advice could in fact not be the right one for you. But then, who really knows what their lifespan will be, right? Check her post out here…

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