US retirees won’t wait until age 70 to collect Social Security

US retirees won’t wait until age 70 to collect Social Security

The US government is not hiding that the longer you wait to collect Social Security, the more money you raise. In fact, the concept is quite simple.

This is the deal, straight from the US Social Security Administration.

If you start to receive a pension at age. . .

  • 67, you will receive 108% of the monthly benefit because you have been granted a postponement of the benefit for 12 months.
  • 70, you will receive 132% of the monthly benefit because you have been granted a postponement of the benefit for 48 months.

Rejecting that windfall seems at odds with income accrual in retirement, an issue usually close to the heart of retirees.

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