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Get the Most From Social Security

If you’re like most, you see Social Security as income you worked hard to earn, and you would like to receive it as soon as possible. In many cases, age 62. But we’ve crunched the numbers and have seen that delaying your receipt of Social Security can dramatically increase a person’s benefit during his or her lifetime.

How long should I wait?
Waiting beyond your full retirement age (66 or 67 depending on when you were born) to receive Social Security payments results can be up to an 8 percent increase in your amount each year to age 70 if you were born after 1943. At age 70, you would receive the maximum of amount of money per month.1

You mean I have to keep working?
Not necessarily. Depending on your specific situation, you may be able to stop working and use money from other investments as income while you wait to draw your Social Security.

I don’t think I can wait that long.
There are a variety of reasons why waiting until age 70 might seem too long for you and your spouse. In some cases – a shorter life expectancy due to illness, lack of confidence in the system – waiting simply isn’t a reasonable solution and benefits should be taken as soon as desired.

Other reasons, such as financial challenges, etc. may be able to be addressed, and you may be able to find a way to delay benefits. You’ll need to begin by asking some important questions:

  • When do my spouse and I plan to stop working?
  • What will our income need be between ages 62 and 66?
  • What will our income need be between ages 66 and 70?
  • What will our income need be at age 70 and beyond?
  • What other sources of income are already existing?
  • What is our risk tolerance for investments we could make now to help us reach our goals later?

When you’re ready to begin planning your retirement income, contact your local Farm Bureau agent. He or she can help you create a retirement strategy that fits your needs.

1Social Security Administration,, visited March 18, 2015

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