For most Americans, Social Security retirement benefits typically represent 30 to 60 percent of their retirement income, yet, according to the National Social Security Association LLC, more than 90 percent of Social Security recipients receive less money than they are entitled to. For many, this can represent tens of thousands, or even hundreds of thousands, of dollars in lost retirement benefits.
The value of monthly payments available through Social Security can be the equivalent of having saved several hundred thousand dollars. Most people would want to seriously consider their options before making a decision about that much money. People shouldn’t tell themselves that it’s ‘only’ such-and-such an amount per month, as the numbers always add up. The Pennsylvania Institute of Certified Public Accountants offers these 10 tips to help you make sure you don’t leave money on the table.
1. Defer Benefits to Age 70—By delaying receipt of benefits from age 62 to 70, you will increase your retirement income payment by 54 percent or more, plus any cost of living adjustments.
2. The Do Over—If you’ve already filed for benefits and wish to undo your election, you can do so up to 12 months from the date you filed. This is known as withdrawing your application.
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