9) They’re Delaying
Sometimes avoiding something can be a good thing! Retiring early significantly affects the amount of money you’re able to get from Social Security. Generally, it’s not a good idea to cash out early. If your birthyear falls between 1943-1954, the “normal” retirement age is 66, increasing slightly until the end of 1959. If you were born in 1960 or later, the normal retirement age is 67. Therefore, most Americans retire between the ages of 66-67. But did you know you’re rewarded handsomely by delaying retirement past these ages? The later you claim your Social Security benefits, the more money you’ll receive. Social Security pays you an additional 8% on every year you work past your normal retirement age up until age 70. After 70, there’s no additional benefit to wait and your monthly payments could be 75% more than if you claimed at 62! Holding out has serious benefits.
Click below to share this article.