Is this One Idea Worth $259,200?
More than Money with Gene Dickison Answers:
“Is this One Idea Worth $259,200?”
It depends . . . do you know how to best use your Social Security benefits?
Choosing when to begin receiving your social security benefits is one of the really big decisions when you retire.
Taking reduced benefits at age sixty-two (62) gets you cash more quickly but at a deep reduction from normal retirement benefits that begin (for most folks) at age sixty-six (66).
Waiting until age seventy (70) to take your maximum benefits will nearly double the benefits you receive at age sixty-two (62) – if you live long enough to collect.
Does your head hurt?
Understanding that the only time you will know you have selected the exactly perfect choice for you is moments after you’ve died – you might want to seriously consider an important factor before you choose. People are living longer – much longer on average – than ever before.
The difference in lifetime benefits collected from age sixty-two (62) through age ninety (90) if you delay the start of your benefits until age seventy (70) can be as much as $259,200 (based on today’s social security maximum benefits ). Obviously, that number grows even higher should you live even longer.
Do you plan on living a long, healthy life?
Social security as longevity insurance – who knew?
We did. And now so do you.
© 2015 More than Money and Gene Dickison