Want to start a debate? Simply ask, when is the best time to start collecting Social Security benefits? Even experts do not agree; and many suggest that one, specific viewpoint is completely and utterly correct. In truth, many Social Security questions remain unanswered. Americans, politicians, Social Security attorneys, and news groups alike know that funds are being stretched too thin. Here’s what Americans can piece together from all of the words of wisdom:
Is Retirement At 70 an Unspoken Rule?
The Wall Street Journal’s MarketWatch reveals a common misconception. Most Americans believe that 70 is the ideal age to retire, namely because monthly benefits will no longer increase. This is not, however, wholly correct. Benefits can continue to climb after age 70, especially for workers with relatively well-paying jobs. “For older people who are relatively healthy, the long-term boost may make those short-term drawbacks worthwhile,” The Wall Street Journal reports. Forbes, on the other hand, suggests waiting until 70 may be long enough.
Retirement at 70: The Other Side of the Story
According to Forbes, benefits increase by as much as 81% — simply by waiting to retire at age 70, instead of opting for an early retirement at 62. Forbes does not recommend delaying Social Security claims beyond age 70. However, the magazine strongly advises weighing important factors before making final decisions to collect or delay benefits. Here are some things to consider:
- Overall health. If you are healthy, without any serious medical conditions, it may be a smart idea to delaying collecting benefits to at least 70. Similarly, if your family members live relatively long lives, collecting benefits later in life makes more sense.
- Current work prospects. If you area able to continue working and support yourself on that income, benefits will increase over time. Retirees may also want to avoid collecting Social Security will working to maximize benefits. “If you make over a specific amount your Social Security benefits are reduced,” Forbes reports.
Social Security claims are complicated. Even experts do not agree on the best course of action. For additional Social Security help, consider meeting with trusted Social Security lawyers. See more: www.hillandponton.com