The wisdom (or not) of delaying Social Security - MSN.com
Most retirement planners will tell you that you can get a much higher monthly benefit by waiting longer to claim your Social Security. But some advisors do actually suggest claiming earlier to get the SS money sooner, for several reasons. So the seemingly never ending question is “When should I claim my Social Security benefits?”
This MSN.com article by Ashley Donohoe provides an excellent analysis of that decision making process, but ends up counseling that your life expectancy is a critical factor in this decision. Of course, need for the money is important to, as the article states. As a certified Social Security Advisor at the AMAC Foundation, I would only note one issue with this article: average longevity in the article (age 82) is lower than the actual average for those who become eligible for Social Security benefits. According to the Social Security Administration, for those with a current age of 65, the average life expectancy for a man is about 84, and the average longevity for a woman is about 87. This higher longevity would tend to suggest that waiting longer for a higher monthly SS amount would be prudent (if it is financially possible to do so). If average longevity is attained, you will receive more in cumulative lifetime Social Security benefits by waiting. Nevertheless, this article at MSN.com provides an excellent primer on how to decide when to claim Social Security.
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. All questions are answered quickly, at no charge. Learn more about it here…