1. For illustrative purposes only. Individual benefits will vary based on earnings history and other factors. Examples in the graphs do not reflect cost of living adjustments (COLA) or inflation. According to SSA.gov, $1,269 was average monthly Social Security benefit for a retired worker in June 2013. The percentages and amounts in the graphs are from http://socialsecurity.gov/OACT/ProgData/ar_drc.html.

Why It May Pay to Wait

When you choose to start receiving benefits can make a big difference.

For example:

  1. Marie begins collecting at age 62 and permanently reduces her monthly payment by 25%. By the time she’s 86, she’ll collect about $274,000.
  2. Bill decides to start at his full retirement age and receives 100% of his benefit. By the time he’s 86, he’ll collect around $305,000.
  3. Sophie maximizes her benefit to 132% by waiting to claim at age 70. In 16 years when she’s 86, her total benefits will add up to nearly $322,000.

Whether you’re thinking about collecting Social Security as early as age 62, waiting until your full retirement age or delaying until you’re 70, it’s a good idea to talk it over with your financial advisor and consider how your decision could affect your finances during retirement.

Your Social Security Statement of Benefits

Your personalized Social Security statement contains information to help with retirement planning. If you’re over age 60 and have not elected benefits, you’ll receive a paper statement in the mail.
Your statement includes:

  • Your estimated monthly Social Security benefits at ages 62, 66 and 70.
  • Family Survivor benefit estimates.
  • Your historical earnings record. Be sure to carefully review your earnings because they determine your benefit amount.

Call your financial advisor today to find out how social security can best augment your financial plan.