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Why It Pays to Delay Social Security

Retirement EducationWith interest rates at a historical low, many retirees question the most effective use of their funds for maximizing overall value. If you are one of those people, then you should read up on a report published by National Bureau of Economic Research. In it, their team has calculated that waiting until 70 is often the best choice when interest rates are as low as they are now. This report has determined that delaying Social Security is “actuarially advantageous for a very large subset of the population”. In fact, a couple could add upward of $250,000 to their overall Social Security benefits by waiting until an older age to begin taking benefits.

For a well explained summation of this report, click here to read an article posted by Robert Powell explaining the report. Please note that although it revealed an actuarial advantage for most people to delay Social Security, it certainly does not mean that you should blindly follow this advice. Many factors could alter this conclusion so you should always consult professional guidance from a retirement income specialist for forming a customized plan.

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