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3 Reasons to Delay Social Security Up to 70 – The Motley Fool




Most seniors cannot wait to get their hands on their social security schemes, which explains why so many files are as early as 62 years old. However, if you do not stick to filing for full retirement age, I encounter a reduction in the monthly payments you collect. Full retirement age is either 66, 67 or somewhere in between, depending on the year of birth, and if you don't want a lifelong cut in benefits, it pays to wait until at least the point of claiming social security. [19659002] But there is another option to consider as well – delay your benefits past full retirement age. For each year you make, you will add credits that will increase your benefits by 8% up to 70 years, at which point the incentive expires.

  Older man in apron smiling, leaning against counter with different vegetables on it

] Image source: Getty Images.

Of course, the disadvantage of delaying the benefits of 70 is that it has to wait a long time to get your money. But here are three good reasons to endure.

1. You do not have much (or any) savings

Although we are told that we should save independently for retirement, many workers leave their nest egg by the way. The result? An alarming 22% of Americans have less than $ 5,000 saved for retirement, according to Northwestern Mutual. If you are approaching the golden years without much money saving and you don't have plenty of time to play the harvest, you pay as much as possible and increase your benefits as much as possible. You can.

Imagine you are going to retire with $ 4000 in your nose – the sum can easily run out in a year. Even if you are approaching retirement by $ 100,000, there is still not much money during that which can be a 30-year period. Delaying your benefits is therefore a good way to increase what may end up being your single biggest source of monthly income.

2. Your Health Is Good

If you fight to live a long life, it will not only increase your monthly income to delay social security. It can also increase your lifetime income. Therefore, if your health is solid, you stand to come out financially by waiting for the benefits as long as possible.

Imagine you are entitled to $ 1500 a month at a full retirement age of 67 years. Stick to 70, will increase each monthly payment you collect to $ 1,860. Now, if you live at the age of 82 1/2, you will end up with the same life amount upon full-time filing or by waiting – $ 279,000. But when you live a month over 82 1/2, you already get a higher lifetime income by delaying to 70, so it pays to wait when your health is good.

3. You need your job for more than just a paycheck

Many seniors file for social security benefits, and immediately stop their jobs, since their benefits, combined with savings, are enough to replace the paycheck. If you choose to archive your full retirement age and finish your job at the same time, it can't hurt you financially. But leaving your job can leave you without a social withdrawal and result in a scenario where you do not get any kind of physical exercise and neither is healthy.

If your job offers more than just financial benefits, it pays you to keep on filing for social security benefits and sticking to it for longer. Of course you can work and collect benefits at the same time, but you may feel stupid to pull yourself to work when you don't need the money from your earnings. But if you delay these benefits, you can effectively force yourself to stay away, which is good under the circumstances.

Some people can't afford to delay social security – namely, those who are forced to retire faster than expected and need the money. But if the above scenarios apply to you, it pays to wait as long as possible and increase your critical revenue stream.



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