It's often said that patience is a virtue. That's certainly true when it
comes to taking your Social Security retirement benefits. In a story for
Investor's Business Daily, Donald Korn looks at the advantages of waiting a few
years to start drawing your Social Security checks.
A person who starts getting a check at 62
(the first year people born from 1943-1954 are able) will only receive 75% of
their benefits. Waiting only one year to age 63 provides an increase of
5% and by age 66 the benefits are increased to 100%. Also, every year you
wait you get a delayed retirement credit amounting to 8% per year (up to age
70). That means you can receive checks up to 32% larger than they would
at age 66.
For more information, read the full article here.
For more information, read the full article here.
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