The Importance of Optimizing Social Security Claiming Decisions - ThinkAdvisor

Several articles channeled this week via our “Latest News” segment have addressed the persistent question of when to begin drawing Social Security retirement benefits. One, for example, argued for filing at the earliest possible age (62), while another offered a contrasting view that, if your personal situation allows, it’s financially beneficial to wait until full retirement age (or age 70) to hold off. Both perspectives employ common sense thinking, with the basic answer to the question being simply, “It depends.”

Today, we take a look at another view in support of the delayed filing strategy, with ThinkAdvisor Senior Reporter John Manganaro weighing in with thoughts on how waiting until age 70 can produce a substantial increase in a household’s discretionary spending capability. Citing conclusions drawn from a National Bureau of Economic Research (NBER) study titled “How Much Lifetime Social Security Benefits Are Americans Leaving On the Table?”, Manganaro reinforces the delayed filing scenario by repeating the comment from the study report that “Americans are ‘notoriously bad savers,’” an observation that heightens the gravity of this key retirement decision point. As Manganaro notes, NBER suggests that “…three-quarters of workers would do best by waiting until age 70.”

Read the Manganaro post here. The deceptively simple question of when to begin Social Security benefits requires a critical analysis of one’s individual circumstances; the AMAC Foundation’s Social Security Advisory Service fields variations of this question routinely, offering those aging into this decision point an analysis of the options and variables associated with it. To learn more about this free-to-the-public service, visit the AMAC Foundation website.

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