It May Not Pay To Wait When Collecting Social Security

Regardless of whether you keep working, if you wait until age 70 to start drawing from the system, your monthly Social Security check will be nearly double what you’d get at age 62. For current incomes of $50,000 to $100,000, figures show you can collect anywhere from a total $95,000 to $110,000 between age 62 and the full retirement age of 65-67. The differences in monthly income based on age show that it takes about that long to get ahead by waiting. For each year you wait, your monthly Social Security income goes up somewhere between 6% and 8%.

Key Takeaways:

• The benefit at 70 also is roughly 20% to 25% more than what you’d get at the prescribed “full” retirement age — ranging from 65 to 67, depending on your birth year.
• Not necessarily, financial experts say. Of course, it’s always best to wait if you can afford to, but there are a number of things to consider.
• The differences in monthly income based on age show that it takes about that long to get ahead by waiting.

“” it may be your Social Security, but it may not be all about you.””

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