American retirees don't wait until age 70 to collect Social Security

American retirees don’t wait until age 70 to collect Social Security

The US government makes no secret of the fact that the longer you wait to collect Social Security, the more money it will collect. In fact, the concept is quite simple.

Here’s the deal, straight from the US Social Security Administration.

If you start receiving retirement benefits at age . . .

  • 67, you will get 108% of the monthly benefit because you delayed getting benefits for 12 months.
  • 70, you will get 132% of the monthly benefit because you delayed getting benefits for 48 months.

Rejecting that windfall seems contrary to accumulating income in retirement, a subject often near and dear to a retiree’s heart.

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