“If you’re fortunate enough to be able to work longer and you don’t hate your job, waiting to claim Social Security is one of the best things you can do to improve your retirement security.”
Richard Johnson, Urban Institute retirement expert, as quoted in Money magazine, August 2012.
- The message is getting out that it is often better to wait to take Social Security benefits instead of taking them as soon as you turn age 62.
- In fact, the percentage of eligible workers electing to take Social Security at age 62 has dropped to the lowest rate in 35 years.
- Benefits increase by roughly 8% per year for each year you delay taking them.
- Where else can you get a government guaranteed annual increase of almost 8%?
- Need to compare the impact of taking benefits at different ages? Ask us to prepare a personalized illustration for you so you can make the best decision!