Reported about 1 year ago
A significant number of retired workers claim Social Security benefits at age 62, resulting in a permanent reduction in payments as benefits are lower if claimed before full retirement age. By statistically comparing benefits at different claiming ages, it shows that delaying benefits can substantially increase the overall payout. Specifically, workers born in 1960 or later can increase their benefit by 77% if they claim at age 70 instead of age 62. Individuals with above-average lifespans may shortchange themselves even more by claiming benefits earlier. Planning with a financial advisor can help retirees maximize their benefits and potentially double their monthly income.
Source: YAHOO