The return on patience is huge for Social Security - AMAC & CNBC
Lorie Konish of CNBC cites recent research showing all U.S. workers ages 45-62 would benefit from waiting until beyond age 65 to start receiving Social Security retirement benefits. While experts know this, few laypeople seem to consider it: retirement benefits are 76% higher at age 70 than those taken at 62. She explains claiming before age 70 results in an estimated median household loss of $182,370 in lifetime discretionary spending for claimants between 45 and 62. Boston University economics professor Larry Kotlikoff, an expert and frequent commentator on Social Security, notes only about 10% of workers actually wait until 70. Kotlikoff said, “The return on being patient is huge with Social Security.” Full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.