Congress Cut Social Security, AGAIN!

Here some background is needed. Social Security’s “full” or “normal” retirement age is 66 for those born from 1943 through 1954. This has been raised by 2 full years since the start of social Security. It rises two months a year after that and is 67 for anyone born in 1960 or later. (Expect that to rise in the future for the after 1960 crowd.) But regardless of your full retirement age, you can claim your retirement check anytime after 62.

The longer you wait the bigger your ultimate check will be. After full retirement age, each month you wait until 70 raises your benefit by 0.67%. That’s an at least 8% bigger monthly check for each year you delay. (If you’re still working and earning good money your benefit could go up even more than 8% a year, since you might qualify for a bigger base benefit.) This 8% a year delayed retirement credit is a particularly good deal for those with Methuselah genes. (More on determining your personal life expectancy is here.)

With the changes, it will no longer be possible for both spouses to let their earned benefits grow until 70, while one collects a small check. But –and this is crucial—the survivor’s benefit is untouched.

Click on the picture above for full details.