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Take them at the earliest possible age of 62 or wait it out for a bigger monthly check?
The wealthy retiree spent decades growing a successful career and investment portfolio.
So putting those Social Security credits on ice until they maxed out paid off in a major way.
Here are six reasons Garys glad he took the patient approach.
Also see seven ways wealthy retirees spend their Social Security checks.
Monthly Checks Are Higher
The first and most obvious perk of delaying until age 70?
Getting the maximum possible Social Security payment each month.
The difference is about $1,900 more per month, I believe.
Multiplied out over 25 to 30 years, its an extra half million or so in Garys pocket.
In my 60s, I was still earning sizeable income from doingsome private consulting work, Gary said.
This gave his portfolio far more time and potential for growth.
That extra compounding boosted my portfolio value tremendously when I did eventually need to start withdrawing.
The extra growth Gary achieved is now helping stretch his retirement income even further.
Delaying Social Security helped maximize her potential survivor benefits.
That security blanket is priceless.
Tax Flexibility in Early Retirement Years
Another advantage of holding out on those Social Security checks?
It gave me more control over my taxes.
He knew the higher age 70 benefit could really pay off over a longer retirement time horizon.
I coudnt pass it up.
Now all I have to do is knock on wood!
If this is the case with your family, you might factor it into your decision.
you could also consider your lifestyle and general health when making the decision, too.
Factor in Tax Situation.Social Security benefits are subject to federal income tax above certain income thresholds.
Delaying may allow you to have better control of your benefits and optimize withdrawal strategies across retirement accounts.
Look at Spousal or Survivor Benefits.Dont forget about maximizingpotential survivor benefitsfor a lower-earning spouse.
Delaying allows the higher-earner to lock in a higher base amount if they were to pass away first.
Analyze Cash Flow Needs.Look at what you have, realistically.
If youre in need of cash now, claiming benefits earlier might be the right choice.
If you’ve got the option to wait longer, then you probably should.
Its all up to your individual needs.
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