The Case for Delaying Social Security Benefits

For those approaching their earliest eligibility for Social Security benefits–age 62–the temptation to grab the money and run is pretty strong. In fact, some reports show that as many as 40% of those reaching this milestone opt for the early (and reduced) benefits, trading off cash in hand for a potential 25% reduction when compared to the benefit at their full retirement age. Others do the math and, if it fits their individual situation, opt to defer their claiming of benefits until age 70, reaping the benefit of up to 8% per year in their monthly payment (albeit for a lesser number of months).

The decision of when to begin drawing benefits is a purely personal one, and it depends on a number of factors. The Motley Fool’s Kailey Fralick, in a post on their website, takes a look at the thought processes that an individual faces when making this decision. Her article explains the factors influencing her personal decision (her current position, anyway) to defer filing until age 70. Read her article here…

And while it may seem to be a somewhat complicated process, rest assured that help is available The AMAC Foundation is one credible source of help via its free-to-the-public Social Security Advisory Service. This service can help you navigate the decisions you’ll need to make. For example, does your overall health indicate the probability of a long lifespan? Or are your financial resources strong enough that having the extra cash at an earlier age is not that important? Or does your family history of longevity (or lack thereof) support waiting or filing early. These are just a few of the factors…there are more, specifically when it comes to balancing this decision against the value of spousal and survivor benefits, for example. In any event, AMAC Foundation’s highly acclaimed Advisory Service is available to you via email ( or by telephone (888-750-2622).


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