Top Reasons to Delay Social Security
Many people look forward to being eligible for Social Security and retirement. It’s the ultimate working person’s goal. When you become eligible for Social Security, you only have an eight-year window to claim all of your benefits. It begins at the age of 62, and it cuts off at the age of 70. When you hit that full retirement age or the FRA, you’re going to be given tons of advice about filing for your Social Security. Instead of waiting around, here is a little advice that you should be considering now. Monthly Payments: If you had someone give you the opportunity to invest some of your money for a guaranteed yearly return at 8-percent, you might consider it to be a bit of a scam. However, Social Security does exactly that. Whenever you go a year without cashing in those benefits past your retirement age, you automatically get a boost that will stick for the remainder of your life. There are also no payment limits or income limits that are associated with the benefit. Fortunately, anyone who delays the benefits of Social Security is eligible for this arrangement. Living a Long Life: There is something rather interesting about Social Security that many people don’t know. That is the fact that it will pay you the exact same benefits no matter when you decide to first file. While you are waiting for your benefits, you will be boosting every payment while also collecting fewer payments.