Social Security: The Longer You Wait, The Better It Is
October 8th, 2009 | 
Author: Unlike a bad debt that increases with time, Social Security benefits can increase the longer you wait to take out the retirement benefits. That makes it a viable strategy to help you pay down debt, secure a more stable living arrangement in an affordable retirement city, and then retire knowing you’ve done the best you can to be financially stable as you head into retirement.
Delaying Gratification
Sometimes you have an emergency, and then you have to get an emergency payday loan to help you pay it off. That’s not gratification, that’s survival. However, retirement is not an emergency, and no matter how much one wants to retire, delaying that gratification can reap much better financial security in the future. For every year that someone waits to retire, they can increase their benefits substantially for the remaining years of their life. This means that if you find yourself in good health, love your job, and don’t need to retire right away, delaying it can really set the right tone for years to come.
Surviving Spouses
Let’s assume you do delay taking your retirement benefits. If you die shortly after retiring, you might argue now that it was a waste. However, your surviving spouse may live far longer than you and they will be able to reap the benefits of an increased benefit because you waited to retire. This can have a huge impact on the emotional and financial well-being of a loved one who has to survive alone after your death.
Working A Little Longer
Many would-be retirees are working a little longer, once they understand the benefits of delaying their retirement benefits. With lifetime longevity increasing, planning for a retirement of 20 years after the age of 65 may fall short of your needs. Now, experts are suggesting to plan to live to 100 and if you don’t, at least your surviving family will be blessed by your forethought.