Benefits of Waiting to Claim Your Social Security
The New York Times, November 15th, 2013
For many who are over the age of 62, collecting your Social Security benefits is a rite-of-passage of sorts, the payoff of your years of letting the IRS take your hard earned money out of every paycheck. For some, particularly those who have already retired or who don’t work, they can’t wait to start collecting it when they first become eligible at the age of 62. But did you know that there could be benefits for waiting to start collecting it?
Much like an annuity, your Social Security can give you some guaranteed income for life. But unlike an annuity, it doesn’t require you to put down a large sum of money up front, as your large sum of money has already been accumulated over the years from your paychecks. However, the amount that you can begin to collect at the age of 62 (you can start accessing it anywhere between the ages of 62-70) is hardly enough for you to live on. Click here to learn more about how waiting to start collecting your Social Security can get you a higher amount of guaranteed money for life.