Baby Boomer’s Dilemma: Social Security
The big question is WHEN … when do you begin taking Social Security benefits. Elizabeth Lazarowitz writes in the New York Daily News about an issue in the minds of many boomers across the country.
If you’re one of New York’s baby boomers, you’ve got bigger decisions to make about retirement than what friend to have lunch with first or where to go on a cruise. Among the tougher ones is when to start taking Social Security benefits.
The temptation, after years of seeing money dribble out of your paychecks, is to try to get your hands on what you’re due as soon as possible. About half of Americans make that choice every year, beginning their benefit payments at age 62, the earliest age at which they’re eligible.
But that’s not always the smartest strategy, since the timing could impact how much money you’ll ultimately receive.
Category: Baby Boomers, Retirement
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One way of analyzing the benefit of waiting to claim benefits to age 70 is to look at the cost to annuitize the difference between the early and delayed benefit. Then compare the cost of that annuity to the total benefits you lose by waiting. Usually, the annuity premium would be much higher than benefits lost.