If you haven’t retired yet, you may be curious what your Social Security benefit amount will be. You may have gotten a statement from Social Security showing three amounts, or you may have looked it up online. But whatever you have seen, you have not gotten the right information. In this report, Social security expert Brian Doherty explains what you may not be aware of when it comes to Social Security benefits.
Doherty says that the statements will show you three possible benefit amounts: (1) the benefit amount at your full retirement age (for many people, this is 66), (2) the benefit amount at age 62, the earliest age at which you can start claiming benefits, and (3) the benefit amount you would receive at age 70, the latest you can claim. This is also the largest amount you can receive.
Doherty points out that the benefit amounts shown for ages 66 and 70 are wrong. They are too low. The reason the amounts shown are too low is that they do not reflect the larger amounts you would receive because of cost-of-living adjustments (COLA). The effect is especially great for those who wait until age 70 to claim benefits.
Doherty explains that, if you hold off on claiming your benefits until age 70, Social Security will go back and credit your benefit amount with eight years of COLAs. “They’ll give you eight years of . . . retroactive COLA credits.” Those COLAs will be applied to your age 70 benefit amount. That will make your benefit amount substantially larger than the benefit statement says. If you wait until age 66 to claim your benefits, you will receive four years of retroactive COLA benefits.
The enhancements from the retroactive COLA benefits make it an even better deal to wait until age 70 to claim your benefits. Doherty says that all of this is thoroughly explained in his new book, “Getting Paid to Act Now,” that can be purchased at the link shown. Think carefully before you claim your benefits.
Brian Doherty is the author of a new book “Getting Paid To Act Now,” which reveals his groundbreaking strategy on how to maximize Social Security benefits. He is a nationally-recognized expert on Social Security claiming strategies and a top-rated speaker and media commentator on this topic. He began his career as a financial advisor with Dean Witter. He is President of Filtech, a consulting company specializing in Social Security claiming strategies. The Legal Broadcast Network is a featured network of the Sequence Media Group.