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 $392,000 whereas waiting until 66 would produce benefits of $483,000 and postponing until 70 would deliver a whopping $535,000.

Despite this, nearly 73% of retirees claimed Social Security benefits before 65, and only 14% took benefits the month they reached full retirement age.

Just goes to show that if we’re prepared to sit looking at our cake for a while before we dive in to eat it, patience can really pay off

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