If you’re approaching retirement, it might be tempting to consider working longer to increase your Social Security checks. But is this an effective strategy?
Before you decide to delay retirement, it’s important to make sure you understand how Social Security works and the potential benefits of working longer.
Could Delaying Retirement Be the Right Decision for You?
Yahoo! Finance has recently reported that “working longer is an unrealistic option for many.” This is because of the physical strain and age discrimination that may prevent individuals from continuing to work at a traditional job. In addition, the cost of working may not be worth the benefits.
Waiting until full retirement age (FRA) or later to begin taking Social Security will result in a greater monthly payment. This is because benefits are increased by 8 percent for each year you wait until age 70. However, you should consider how much money you stand to lose if you cannot work up until FRA due to age discrimination or other factors.
If you’re able to work longer, it’s important to note that your Social Security benefits are based on the highest 35 years of earnings. Continued work at a higher salary will help increase your Social Security benefits. Although if you receive a pension or annuitized payments from another employer, your payments could be reduced if you continue working.
Ultimately, the decision to work longer for larger Social Security checks is a personal one. If you can afford to wait until FRA or beyond, the Social Security Administration will recognize this with larger monthly payments. If you cannot work longer due to physical or age-related issues, it is important to consider the long-term financial implications of this decision before opting out of Social Security early.
What are your thoughts on this important matter? Will you delay Social Security? Why or why not? Share your thoughts in the comments.
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
