2/28/23: Why You Need to Rethink When to Start Your Social Security Benefits

THE TRUTH ABOUT YOUR FUTURE with Ric Edelman

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1y ago 5:59

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It's Tuesday, February 28th. When I ask you a question, when should you start to receive your Social Security benefits? All financial advisors pretty much say the same thing. If you're in good health and you can afford to delay, then delay. Even though you're allowed to start receiving Social Security retirement benefits at age 62, you'll be better off in the long run if you wait until you're 70. You'll end up with 76% more money every month, adjusted for inflation, by waiting. We're talking hundreds of thousands of dollars in additional income over your entire retirement. So if pretty much every advisor says to wait, that's pretty much what every retiree does, right? According to the Federal Reserve, only 10% of retirees wait until age 70 to start receiving Social Security. You got be in a heap of trouble.

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