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The Benefit of Deferring Social Security–Doing the Math
Most financial planners consistently advise prospective Social Security beneficiaries to delay their filing as long as possible, preferably to age 70 to maximize monthly benefits. It’s logical, given that early filing produces a discounted monthly benefit, while deferring beyond full retirement age (FRA) adds delayed retirement credits to one’s primary insurance amount (PIA). But while it’s intuitive, understanding the detailed math can give you a better appreciation for just how much the deferral will benefit you in later years. The Motley Fool’s Catherine Brock examines this matter in a post today on their website. Check it out here…
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