Retirement

Interesting article which says that married women should work later, and delay Social Security benefits, to improve their retirement income.

This is largely due to the fact that married women tend to be younger than their spouses, and because women tend to live longer than men.

A study indicates that 48 percent of women, and 42 percent of men take Social Security retirement benefits at age 62.

The average Social Security check is $1,372 per month, or $16,464 per year.

The highest Social Security check when initiating benefits at "full retirement age" (age 66 if you were born between 1943 and 1954) is $2,788 a month, or $33,456 a year.

The highest Social Security check when initiating benefits at age 70 is $3,680 a month, or $44,162 a year.

1. Am I in good health?

If yes, consider deferring benefits.

2. Will my claim affect anyone else?

Higher-earning spouses often benefit by waiting until their full retirement age or later to sign up for Social Security.

3. How reliant will I be on Social Security income?

If you don't have much in savings, and are in good health, consider continuing to work.

Personal finance adviser Suze Orman says seniors should not start drawing Social Security retirement benefits until age 70.

Main reason is that your annual benefit at age 70 will be 76 percent higher than what you're eligible for at 62.

Excerpt :

Delaying initiation of Social Security retirement benefits can substantially increase your monthly benefit.

One way to delay your benefits is to borrow against the equity in your home though a reverse mortgage.

This can be a risky strategy, but it may be worth examining if you don't have savings, but you have substantial equity in your home.