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Maximizing Social Security: Delay Benefits If Possible

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Monday, November 16, 2015   

NASHVILLE, Tenn. - It's often thought that retiring and taking Social Security benefits go hand in hand, but experts say the decision can come at a cost.

While some people need the income due to health factors or unemployment, Kristen Arnold, income security policy analyst with the National Academy for Social Insurance, says it's important to understand the ramifications of cashing out too early.

"So, you can take benefits anywhere between ages 62 and 70," says Arnold. "If you take benefits early, between ages 62 and 66, your benefits are reduced anywhere from five to seven percent, for each year early that you take benefits."

Another way to look at it is that benefits increase each year you delay taking them - so Arnold says claiming them at age 70 instead of 62 can increase a person's lifetime benefit amount by as much as 76-percent, or tens of thousands of dollars.

However, 62 remains the most prevalent age for claiming benefits, according to the most recent data.

Experts recommend talking to a qualified financial adviser before making any decision, but right now Arnold says many Tennesseans are losing out.

"More than 70 percent of beneficiaries in Tennessee are receiving reduced monthly benefits due to early claiming," says Arnold.

Among the reasons people sometimes cite for claiming benefits early is a belief that congressional squabbles and government problems could cause Social Security to run out of money. Arnold says that theory simply doesn't hold water.

"Your personal decision on when to take benefits will not affect Social Security's finances and the program's finances are much stronger than many people may realize," says Arnold.

She adds Social Security is fully financed for the next 15 to 20 years, and roughly 75 percent financed beyond that.

Her organization has a toolkit to to help with decisions about when to claim Social Security, available online at www.nasi.org.


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