December 6, 2014 Admin | December 6, 2014 Why is it wise in most cases to wait until age 70 before filing for Social Security?
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It is wise to wait until 70 to file for social security because you will get more benefits. Once you reach the full retirement age of 65, your benefits will increase by 8% every year you wait to file for social security until you reach 70. After 70 your benefits won’t keep increasing and there is no point to wait any longer.
The amount of money will increase when you wait until you are 70. Approximately 8% a year from the time you are first able to draw SS. It is wise because you will likely get more money from it if you wait and live longer. If you draw at 65 you will get it for a few extra years at a much lower rate. The extra years will not make up for the fact that you are getting it at such a lower rate. You need to know what you will have to love on if you live to be close to 100 like many of the younger generation will.
Right again, gentlemen. Let’s review.
By waiting on Social Security until you are 70, you are providing yourself a guaranteed 8% return every year after your full retirement age. NO ONE can guarantee an 8% return with your investments. Consider using them in early retirement and wait on Social Security for the later part of retirement. Locking in that paycheck for many decades is a very wise strategy. Awake!