Should you claim Social Security early and get a greater number of smaller payments, or should you wait until your full retirement age — or even later — to claim the biggest possible payout? Timing Social Security can be tricky, but because people are living longer in general, the best strategy is to wait as long as possible in order to receive the biggest benefit possible, financial advisers said.
What about the notion of the break-even date: How long do you have to live for the late-claiming strategy to pay off? Is it better to claim more small payments for longer or to hold out for bigger checks but receive fewer of them before you die? Read: This country could teach America a lesson about Social Security “The break-even date is only relevant if you know [your] death date,” said Eric Bond, a wealth adviser with Bond Wealth Management. “In general, delay as much as you can.” You can begin claiming Social Security benefits at age 62, but you’ll receive less than you will if you wait. Full retirement age is 67 for those born after 1960, and waiting until age 70 would give you 132% of your full retirement-benefit amount. “If you wait until age 70, break-even is around 83,” Bond said. SSA.gov has calculators that help you determine your Social Sec …
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What about the notion of the break-even date: How long do you have to live for the late-claiming strategy to pay off? Is it better to claim more small payments for longer or to hold out for bigger checks but receive fewer of them before you die? Read: This country could teach America a lesson about Social Security “The break-even date is only relevant if you know [your] death date,” said Eric Bond, a wealth adviser with Bond Wealth Management. “In general, delay as much as you can.” You can begin claiming Social Security benefits at age 62, but you’ll receive less than you will if you wait. Full retirement age is 67 for those born after 1960, and waiting until age 70 would give you 132% of your full retirement-benefit amount. “If you wait until age 70, break-even is around 83,” Bond said. SSA.gov has calculators that help you determine your Social Sec …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]