Because my law firm handles a great deal of Social Security Disability cases, I often get calls about run of the mill Social Security Retirement benefits, which I’m generally happy to answer to the best of my ability. This article tries to answer a couple of the questions I get asked most frequently.
I’m certain that most of us have heard the saying “patience is a virtue.” Well, that is absolutely true, and never more so than when it comes to planning for your retirement. As a general rule, most people are far too impatient when it comes to making important retirement planning choices.
One area where some economic gains can be made by exercising patience is found in social security retirement benefits. Knowing how to maximize your Social Security retirement benefits, and when the best time to tap into your Social Security retirement is can help you maximize your retirement, Help you receive larger retirement payments, and help make your money last longer.
Brian Doherty, financial advisor and author of “Getting Paid to Wait,” discusses many good reasons why delaying social Security retirement benefits is often the best solution for most people. In his book he also offers a practical solution that can allow people to wait longer before claiming social security retirement benefits, thereby maximizing their retirement income.
Essentially, the basic guidelines for claiming Social Security retirement benefits are relatively straightforward, however, research shows that very few retirees actually follow these helpful guidelines. The guidelines are simply this: Qualified retirees can claim Social Security retirement benefits as early as age 62, and as late as age 70 – the longer you wait, the larger your monthly benefit payment will be. Virtually without exception, financial planning experts recommend waiting as long as possible to draw Social Security retirement benefits, ideally retirees would wait until age 70. Notwithstanding this advice, the most popular age to draw Social Security retirement benefits continues to be age 62, even though this is the least optimal age for maximizing your retirement benefits.
Another compelling reason to wait until age 70 to claim Social Security retirement benefits is that the ailing Social Security system will likely be forced to reduce benefit payments to around 75% of the current value by the year 2030. By waiting until age 70 to claim Social Security retirement benefits, retirees will make for the reduction in benefits, which most experts acknowledge is virtually certain to happen at some point in the future.
When planning for your Social Security retirement benefits, the lesson is clear: Patience Pays! If you have questions about retirement, we recommend visiting Social Security Solutions website. However, if you have questions about applying for Social Security disability benefits, contact the disability attorneys at Barrus Law Group for a free consultation.