When it comes to drawing Social Security benefits, waiting makes a massive difference. If you wait to begin receiving benefits until the age of 70, it could mean hundreds of thousands more dollars than if you start drawing at 62. Nonetheless, few Americans avail themselves of this option. For couples, just having the higher earner wait until 70 is greatly beneficial. Other pieces of advice include planning as though you’ll live to 90, understanding that Social Security is unlikely to go bankrupt, and working part-time in your retirement years.
Key Takeaways:
- Few Americans take advantage of the fact that waiting until you are 70 to collect Social Security will greatly increase your lifetime benefits.
- If you reach the age of 65, there’s a pretty good chance you’ll still be alive at 90, so plan accordingly.
- In order to delay drawing benefits early, it may be necessary to keep working part-time.
“Yet fewer than one in 10 retirees takes advantage of a Social Security strategy that locks in a big boost in lifetime retirement income.”
