Experts Recommend Waiting Longer To Collect Social Security

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Many Michiganders could be doing more to maximize their Social Security benefits, according to experts who say there can be a big payoff for those who are able to delay claiming their benefits. Kristen Arnold, income security policy analyst with the National Academy for Social Insurance, says if you wait to start collecting, you’ll end up getting more. She says it’s a decision that can have long term ramifications for the entire family.

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If you claim before your full retirement age of 66, you receive reduced benefits for the rest of your life, and the longer you wait, up to age 70, the more your lifetime monthly benefits will increase. While some people may claim early out of a fear that Social Security will run out of money, Arnold says it’s important to remember the program is fully funded for the next 15 to 20 years, and 75 percent financed beyond that.