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1021223-00006-00
David Miller, MS, CFP®, CRPC®
Financial Advisor
CA Insurance Lic. #0G61348
Prudential Advisors
1706 Plum Lane, Suite 128
Redlands, CA 92374
Phone: 909-709-9978
Email: david.miller@prudential.com
For many years, financial professionals have recommended that most people strive to delay taking Social Security benefits until age 70. The reason: Every year you delay starting benefits increases your eventual monthly check by 8%, in most cases. If you get your full retirement benefits at age 66, waiting until you are 70 will increase your monthly benefit by 32%.
There are Multiple Reasons to Delay Benefits:
Remember, there's no benefit to putting off benefits after age 70, when your benefit amount is maxed out. If you decide to retire at age 68 instead, you'll retain the 8% annual increase to date, however it accrues monthly, so your birthday affects the final amount.
Alternatively, if you start Social Security retirement benefits at age 62, the earliest age allowed, your checks will be 27% – 30% less than the maximum amount if you were born in 1960 or later.
Deciding when to start taking Social Security retirement benefits is a big decision that cannot be changed, so consult your financial and tax professionals in advance.
*Those born prior to 1943 may receive a slightly lower benefit by waiting. https://www.ssa.gov/ planners/retire/delayret.html
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