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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
For many years, financial professionals have recommended that most people strive to delay taking Social Security benefits until age 70. The reason: Every year you delay starting benefits increases your eventual monthly check by 8%, in most cases. If you get your full retirement benefits at age 66, waiting until you are 70 will increase your monthly benefit by 32%.
There are Multiple Reasons to Delay Benefits:
Remember, there's no benefit to putting off benefits after age 70, when your benefit amount is maxed out. If you decide to retire at age 68 instead, you'll retain the 8% annual increase to date, however it accrues monthly, so your birthday affects the final amount.
Alternatively, if you start Social Security retirement benefits at age 62, the earliest age allowed, your checks will be 27% – 30% less than the maximum amount if you were born in 1960 or later.
Deciding when to start taking Social Security retirement benefits is a big decision that cannot be changed, so consult your financial and tax professionals in advance.
*Those born prior to 1943 may receive a slightly lower benefit by waiting. https://www.ssa.gov/ planners/retire/delayret.html
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
The Meridian Financial Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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