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       Most people take Social Security at 62, often because they must. But many have a choice and should give careful thought to delaying benefits. Why?  Because it is the fastest and most reliable way to increase retirement income. Yes, even if delaying benefits means spending down some of your savings!

        I’ve been writing about this for more than five years (see links below).  Readers and financial planners alike have argued back the entire time. Most people want to take the money and run.

        Well, now I’ve got some media company. The current issue of Forbes offers an article titled “The 62/70 Solution” about the benefits of delaying Social Security, particularly for married males. Here’s a link to the story on Yahoo Finance.

http://finance.yahoo.com/focus-retirement/article/103790/The-62-70-Solution?mod=retirement-post-spending

        If you’re heading for this decision, I hope you’ll take the time to read these columns and check-out some of the research behind it, particularly the Center for Retirement Research paper. You can download it from this link:

http://www.bc.edu/centers/crr/ib_35.shtml

         The columns have links to all the information sources necessary for decision-making.


September 3, 2002
The Leverage of Delayed Social Security Benefits

September 17, 2002
Readers on Social Security: Take the Money and Run!
 
November 22, 2005
Real Life Maximizing of Social Security Benefits
 
December 13, 2005
The Payoff for Delaying Social Security Benefits
 
January 29, 2006
Fine Tuning the Social Security Benefits Decision