Free Webinar: Social Security – Why It Pays to Wait

[AARPLynne]

Could waiting to claim Social Security increase your monthly check? Find out more about this issue at AARP’s second in a series of free webinars.

Date: Tuesday, June 27, 2019

Time: 7:00-7:45 p.m. ET

Register today:

https://onlinexperiences.com/Server.nxp?LASCmd=AI:4;F:APIUTILS!51004&PageID=2441E361-655A-44B8-9CBA-...

[ns4416]

It appears now that it may not “pay to wait” per a New York Times article  from June 13, 2019 entitled “retirees at risk: crisis looms for Social Security recipients“. The article states that under current law Social Security’s trust funds are expected to be depleted within 15 years.  If nothing is done to remedy this issue then benefit checks for retirees could be cut by about 20%. Based on this information, I don’t believe it’s wise to advise everyone to wait until full retirement age to start collecting. If my benefits will be reduced by 20%  in future years it probably makes more sense for me to start collecting sooner and taking less (ie before 67) before that mandated change kicks in anyway. Obviously everyone has specific situations that will alter their approach but I think AARP should modify their blanket advice to “wait” to consider this new information about the reductions that are going to occur in benefits distributions. Link to NYT article here https://www.nytimes.com/2019/06/12/business/social-security-shortfall-2020.html?smid=nytcore-ios-sha...

[AARPLynne]

@ns4416, yes indeed, everyone’s decision on when to collect their Social Security benefits is an individual one based on their own circumstances. We do know that the trend is to begin collecting before full retirement age, which cuts the monthly benefit permanently. And we know that there is a lack of knowledge that by waiting beyond full retirement age up to age 70 can grow the monthly check by 8% a year. For people who have little or no other income sources in retirement, it’s critically important they make their claiming decisions with eyes wide open. We hope you'll join the webinar!