Archive - October 18, 2011

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The Benefits of Waiting to Take Social Security

The Benefits of Waiting to Take Social Security

Here are some stats that might raise an eyebrow or two.

Suppose you’re a single woman who was born in 1949 and earns $60,000 a year.  If you filed for social security benefits at 62, you would receive $1,126 a month. Wait until 70, and you’ll receive $2,123 a month.

That’s a thousand dollars more a month – not small change for anyone – and especially important in today’s economic climate.

In fact, according to Sandra Block of USA Today, if we factor in average lifespans and look at total lifetime benefits, filing at 62 would produce benefits of …

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