Wednesday, August 13, 2014

The #1 Way to Increase Your Social Security Benefits

Motley Fool, founded in 1993 in Alexandria, Va., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community.
Every year after your full retirement age that you wait to claim benefits will boost your annual payouts by another 8%, until you reach age 70. Waiting to take benefits at age 70 will give you 32% more in benefits than if you took them at age 66, and 76% more than taking them at age 62. If you can afford to delay benefits until age 70 and if you live past age 82, you will receive more in lifetime income from Social Security than if you wait until full retirement age.