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Waiting until 67 may mean optimal use of Social Security benefits

While many people in Mississippi make an active effort to plan for their future by making wise financial decisions in their earlier years, having the additional support of Social Security benefits can be comforting. Even though people do have the option of beginning to claim their benefits as early as age 62, waiting until several years later can have significant advantages. 

What many people may not realize is that choosing when they will begin to withdraw from their Social Security is as critical a decision as any. Why? Because waiting until they are 67 years of age has so many beneficial reasons that it practically makes no sense to begin withdrawing any sooner unless there is an emergency. People who begin withdrawing as soon as they are eligible at age 62, are relinquishing the possibility of earning up to 8 percent more of an eventual monthly payout if they had chosen to wait. This amounts to between 70-80 percent more cumulative growth. 

People who decide to wait until they are 67 have the ability to withdraw the full amount of their monthly payout. People can also better protect their spouses by allowing them the opportunity to receive a maximized payout in case they are the only surviving spouse. Another valuable benefit is that people who make the decision to work for as long as they can, may be eligible for an even larger payout than if they had retired and begun collecting benefits at age 62. Mostly, people can better utilize their Social Security benefits when they wait longer and are thus able to optimize the amount of money, they are able to collect. 

If people are applying for Social Security benefits and want to make sure they get through the process with ease, an attorney can be a valuable partner. Because it can be a tricky business, Social Security applications should be completed with attention to detail which is something an experienced legal professional can provide. 

Source: USA Today, "5 reasons taking Social Security at 67 might be a no-brainer," Sean Williams, Sept. 22, 2019

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