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Why It Pays to Delay Social Security Benefits
There’s a flaw in the thinking that drives many people to start taking benefits early.
Social security is a great insurance policy. But sometimes people mistakenly regard it as just one more investment that they should try to maximize. That kind of thinking might persuade you to take benefits sooner rather than later and can have a big impact on how much money you and your family receive. Central to this problematic point of view is a breakeven analysis….Here’s the breakeven puzzle: Let’s say you wait to take Social Security so you can get a higher monthly benefit. How old will you be before the total value of your higher benefits catches up with the amount you would have received had you started taking Social Security years earlier? Read more…