‘It’s already highway robbery.’ Why people don’t wait to claim Social Security and what experts say
Publishing timestamp: 2024-05-28 18:49:05
Summary
Delaying Social Security retirement benefits can significantly increase monthly benefit checks, but many people still claim early. Experts recommend waiting to claim in order to receive the highest benefits. Some argue that investing in the S&P 500 index could bring in more money than delaying Social Security, but experts suggest comparing the benefits to investing in bonds for a more accurate comparison. Additionally, delaying Social Security can lead to a more tax-efficient retirement and help protect other assets in the long run. It's important to consider individual financial situations and longevity when making claiming decisions.
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Keywords: u.s. social security administration, personal spending, elder care, long-term care costs, financial planning, retirement planning, personal saving, personal finance, business news, s&p 500 index, social security, financial planning for marriage, longevity rates, personal income,