Many people apply for Social Security retirement benefits when they become eligible at age 62, or soon after. For many, if not most, that's a costly mistake. Here's why:
But waiting too long to begin benefits also can be a problem. People may not live as long as they think, which can result in money left on the table.
HOW LIFE EXPECTANCY FITS INTO IT - OFTEN, IT PAYS TO DELAY
The advantages of delaying are so great that many financial planners, recommend tapping other retirement funds such as 401(k)s and IRAs first if that allows someone to put off applying for benefits.
Unfortunately, many people unknowingly will lock themselves into lower payments for life because they don't understand the impact of starting early.
Receiving smaller checks for life is a big deal, since Social Security makes up so much of the income that people live on in retirement.
Let us help you understand all your options so that you can make an educated choice.