Jan
09
2010
By Guest (not verified)
I am 62 an need to know if there is a benifit to waiting until I am 62 1/2 to file for social security, I was told to wait but the friend didn't know why only that their was supposed to be a benifit worth the wait.
Forums:
Delaying receipt of retirement benefits increases monthly check
Each month you delay the receipt of retirement benefits, you increase your monthly check by about 0.4 percent.
For folks born between 1943 and 1954, your full retirement age is 66. You can receive benefits as early as age 62, but you only receive 75 percent of the "full" payment if you waited until age 66. Here is how much you would receive at each year :
You should decide if it's better to get less money earlier, or more money later. Factors would include your life expectancy, and possible financial events like the sale of your home, or receipt of a separate pension.
Here are some details on this :
http://www.ssa.gov/retirement/1943.html