The Case for Waiting Until Age 70 to Claim Social Security - Lake Geneva Regional News
If you’re at or approaching your 62nd birthday when you first become eligible for Social Security benefits, age 70 probably seems like long away. But there’s a pretty big and unpleasant financial impact if you claim at age 62 – a permanent 25% – 30% cut in your benefit from what you’d be entitled to at your full retirement age, and a huge decrease in what you’d be able to get if you wait until age 70 to claim. Indeed, if you claim your benefit at age 70 it would be over 75% more than it would be at age 62, and that’s not “chump change” by any stretch of the imagination! Point is, if you can afford to wait until age 70 to claim Social Security, you stand to gain a lot financially, as much as $182,000 in additional benefits according to this article by Keith Speights appearing in the Lake Geneva Regional News. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…