CREATE A PLAN TO HELP OPTIMIZE YOUR OTHER RETIREMENT BENEFITS Delaying your claim on retirement income sources such as Social Security or a pension could potentially provide a valuable strategy for your retirement.
Sample Social Security Annual Benefit Amounts (ABAs)
$35,000
$30,000
$26,124
EXAMPLE: Tim, Age 62
$25,000
$21,060
$20,000
Tim compares how his annual Social Security benefits will vary if he makes his Social Security claim at age 64, 67 (full retirement age) or age 70. Looking at the total benefits he could receive over time, Tim discovers that a delay in his Social Security claim to age 67 will pay off by about age 78. Waiting until age 70 will result in the highest total income received by the time Tim is 90.
$16,848
$15,000
$10,000
$5,000
$0
64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100
If Claimed at 64
If Claimed at 67
If Claimed at 70
Sample Cumulative Social Security Income By Age at Claim
$800,000
$600,000
$400,000
$200,000
$0
64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100 Age
The examples shown in these charts are based on estimated Social Security Benefits for age 64, 67 and 70 assuming a 12/1/1961 date of birth; $0 earnings in 2023; and $60,000 of earnings in 2022 and a date of death not sooner than 100. Age 64 benefit assumes payments begin 12/1/2025. Examples assume no cost-of-living adjustments. If Claimed at 64 If Claimed at 67 If Claimed at 70
By receiving a higher annuity income benefit in early years, you might be able to delay accessing your Social Security benefits. Subject to certain conditions, delaying access to your Social Security benefits may result in such benefits being increased by a certain percentage for each month of delay beyond full retirement age, up to age 70.
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