Monterey, CA Big Difference In Social Security Payments Depending Upon When You File

View From A Non-Profit Serving Carmel, Carmel Valley, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California A recent article in USA Today promoted waiting as long as possible to apply for Social Security so that you can get the maximum benefit.  Unfortunately, following the recession many baby boomers are struggling to get by and need the money sooner, rather than later.  You can start taking Social Security payments at the age of 62.  The age at which you are eligible for your "normal" retirement benefit varies based on when you were born.  It's currently 66 years old for those retiring this year, although if you wait until you are 70 you will get the maximum benefit.  "It probably is the least-evaluated decision for retirees but has more complexities than people are aware of," says Jack Tatar, the author of a book called Safe Retirement.  "Most people take it at 62.  They end up losing in the long run.  If they delay it until 70, they will get 30% more.  Unfortunately, most American's can't do that," he said.  Indeed, 70 years old is a long time to wait until you retire.  But many baby boomers are facing the fact that they don't have enough to retire anyhow.  If they have a good job, hanging onto it until they are 70 may be a viable option to rebuild a damaged 401K and end up with a bigger paycheck from Social Security.  It may not be what they planned, but no one planned for the recession.    

Please note that this blog reflects my personal opinion and may or may not reflect the opinion of Hands to Help Seniors and the individual members comprising the Board of Governors.