Experts agree that there is a trick or methodology to maximizing Social Security benefits. What is this trick? Forbes, The Wall Street Journal, and Social Security lawyers agree; the best way to guarantee a financial boost is to start collecting later in life. Experts do not agree, however, on what age constitutes “later in life,” and when exactly it is best to start cashing in.
Forbes Argues That Delaying Benefits to Age 70 Packs Incredible Savings
Forbes advocates waiting to collect benefits, but only to age 70. “Essentially, each year you can afford to wait increases your benefit, on average over those eight years [from age 62 to 70], by approximately 8% each year,” Forbes reports. The publication advises seniors to take their current health, family longevity and/or life expectancy, and ability to work into account when deciding whether to retire at 62, 65, 66, or 70. Forbes‘ Social Security legal help does not even mention delaying benefits beyond 70 years old.
Benefits Continue to Climb After 70, The Wall Street Journal Insists
The Wall Street Journal raises even more Social Security questions, suggesting that seniors may benefit most by delaying the collection of benefits well past age 70. “Your benefits can grow after age 70, if you’re still working at relatively well-paid job,” Market Watch reports. The publication suggests that, health-permitting, Social Security claims should be put off as long as possible — even past the benchmark most studies, publications, and social security attorneys recommend (age 70).
Market Watch warns, however, that increases may only be applicable to seniors bringing in a relatively large amount of cash: “Your monthly check is based on the highest-earning 35 years in your work history. So if you’re still working at retirement age, and you have a year where your earnings exceed what you made back in the murky early years of your career, your benefits baseline should increase.” If you working additional years will not increase this average, Americans may want to reconsider waiting.
Claiming Social Security is a complicated process. Even the nation’s largest publications, including Forbes and The Wall Street Journal cannot reach a consensus about Social Security legal help. Consider free legal advice, your health, and your current wages before cashing in on Social Security benefits. Read this website for more information: www.hillandponton.com
