US retirees don’t wait until the age of 70 to collect social security

The US government doesn’t hide the fact that the longer you wait to collect Social Security, the more money you raise. In fact, the concept is quite simple.

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

If you start getting retirement at age. . .

  • 67, you will receive 108% of the monthly allowance because you delayed obtaining the benefits for 12 months.
  • 70, you will receive 132% of the monthly allowance because you delayed obtaining the benefits for 48 months.

Refusing that windfall gain seems contrary to retirement income accumulation, an issue that is usually near and dear to a retiree’s heart.

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