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Should You Delay Taking Social Security Until Age 70? - finance.yahoo.com
Delaying your Social Security benefits until age 70 increases your monthly payment by 76% compared to claiming at 62. However, consider factors like your health, life expectancy, and financial needs. The average break-even point is age 81 or 82. If you have other retirement accounts, you may not need the money now, but it still may not be your best option.
Your Medicare Part B premium could be affected when you must start your mandatory withdrawals from your retirement accounts. Laura Bogart has written an article highlighting the possible effect of the Income Related Monthly Adjustment Amount, known as IRMAA, that could increase the cost of your Medicare Part B premium, and your spouse’s if you are married. If the increase is large enough, it could defeat the reason you delayed taking your Social Security benefits in the first place. To read her entire article, click here….
Note: The author has stated the 2025 cost-of-living adjustment (COLA) of 2.5%. The COLA for 2026 is 2.8%
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