Someone expecting $1,000 a month in Social Security if they retire at 67 will get just $700 if they retire at 62 — but as much as $1,240 if they wait till 70. That’s a 77% hike.
If you need an extra reason to hold off from claiming Social Security until the benefits max out at age 70, consider this: Not only can you hike your monthly checks by nearly 80%, but you can also stick it to Uncle Sam at the same time.“Delaying Social Security is actually ‘unfair’ to the government,” jokes Michael Finke, professor at the American College of Financial Services.
The Social Security Administration confirmed this to me by email. “Age adjustment factors for starting benefits before or after the full retirement age were enacted in the 1983 amendments, which also slowly increased the full retirement age from age 65 to age 67,” they said. “These factors are statutory, enacted in the 1983 amendments. Any estimates of future benefits and program cost from our Actuaries must adhere to current law.
As I pointed out recently, the Greenspan reforms included taxing benefits for the first time, and introducing those taxes at income levels which were not indexed for inflation.So it’s some kind of ironic justice that they didn’t index the actuarial calculations for rising life expectancy, too. The calculations are also going to look different depending on your health when you retire and your life expectancy. And while life expectancy has risen by several years on average in recent decades, the biggest gains have been among those who graduated college.
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