Top Secret Series: Before You Start Collecting Social Security, Watch This!

Top Secret Series: Before You Start Collecting Social Security, Watch This!

Whether you’re close to retirement or just starting your career, understanding the nuances of Social Security can make a big difference in your financial future. In this Top Secret Series, Phil Cannella explains how you can optimize your Social Security in order to get the most out of your benefits during retirement.

Report Transcription

“Currently Americans are eligible to activate their Social Security Benefits at age 62, but you can delay your benefits until you’re age 70 if you wish. Now, you may be asking yourself, why should someone wait until they are 70 to start collecting when they’re eligible at age 62? Why, that’s eight years of lost income? Not really. The sooner you claim your Social Security Benefits, the smaller your monthly payment will be. The longer you wait to collect your Social Security Benefits, the larger your monthly payment will be. 

If you start receiving benefits as soon as you are eligible at 62, you’ll receive 30% less per month than you would have if you waited until you are at full retirement age 67. You can go one step further. You can receive up to 124% more per month by waiting until you’re age 70. Now, despite this increase in income, studies indicate that nearly 40% of women and 35% of men start their Social Security Benefits immediately, as soon as they become eligible at age 62. 

So if you’re preparing for retirement and wondering when you should activate your Social Security Benefits, ask yourself these three important questions. 

Number one, what other sources of income will you have when you reach that retirement age, and can Social Security supplement that income effectively? 

Number two, what’s your life expectancy, How’s your health, and will delaying your Social Security income stream make sense? 

Number three and most importantly, ask yourself what kind of income stream would you be leaving your surviving spouse if you were to unfortunately pass away? 

To get more information on how to optimize your Social Security Benefits, talk to a retirement phase expert who could take you through this Social Security maze on how to benefit you and your family.”

Hear more Top Secret Series segments with Phil Cannella that will impact your financial future by visiting https://crashproofretirement.com/radio-show/  and by tuning into The Crash Proof Retirement Radio Show, Saturdays at 11 AM and Sundays at 1 PM on Talk Radio 1210 WPHT.