When to Take Social Security

Just because you are eligible to take social security, should you? By deferring your claim to a later date you will actually be able to gain significantly. Delaying benefits can increase the total benefit by 8% each year they are put off. For many people who are unaware of the positives with waiting to collect social security and have already filed their claims, there is still time to “pause” the benefit and receive the increased payout down the line. You can in fact suspend the benefit within 12 months of filing, you may have to repay any checks you have received but the increase in the payout in the future would be worth it. It costs nothing to suspend the benefit other than foregoing the monthly checks for a few years but will payoff in the long run throughout retirement. For more tips on social security, retirement planning, 401k, IRAs, Annuities, and Life Insurance visit Life Insurance Think Tank.