Want a big Social Security payout? Wait until 70.
Just 3% of Social Security beneficiaries wait until age 70, the maximum age, to start benefits. That’s a shame according to Maurie Backman, because delaying until age 70 yields one the highest payout possible, for the rest of one’s life. In fact, monthly benefits increase 8% yearly from full retirement age (66 or 67) until age 70. As Backman notes, the best reasons to delay are these: if you are low on savings, you are still working, or you have fantastic health. Read more 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.