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What delaying Social Security by just a month can mean
With people having to decide between taking Social Security at age 62, where you realize the lowest possible monthly check, to age 70, where the maximum monthly check is realized, what might waiting just one more month mean?
Dan Caplinger of The Motley Fool explains the methodology of a one month delay and uses three examples. In short, one can gain between $6 and $9 more per month in exchange for delaying a whole month’s benefit check. The recovery period is 12 to 16 years. The older one is, the shorter the amount of time it takes for the higher monthly payment to catch up to claiming early. However, when you look at the age when the financial impacts of the various decisions converge, they are similar, typically within a couple years on either side of your 80th birthday. So, if you think that you’ll live to the current life expectancy age of early to mid 80s or beyond, then you are more likely to end up ahead by delaying by a month. If your health history makes you less optimistic, then taking the early payment is the smarter option. Read 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.