More than half of the people who are collecting Social Security today did not put enough thought and effort into making the decision as to when they should start to collect, resulting in an average loss of $113,000 in benefits paid to them over time.
Below is a hypothetical FedMax report we created to illustrate how we can help you make an intelligent decision on when (and when not) to take your Social Security payments.
We never charge Federal Employees for any of the work we do on their behalf, regardless of how extensive that help might be, so we strongly encourage you to request a personalized FedMax report and allow us to review it with you.
Client: Thomas Henderson-Male Age 60
Marital Status: Single
Health: Above Average
Life Expectancy-Age 83
SS Full Retirement Age: 67
SS Payments at Full Retirement Age: $4000
Cola-2%
Which Option Would You Choose?
1. Thomas collects at age 62:
Monthly Payments: $2930. The reason it is not $4000 as stated above, is because Thomas took his Social Security payments four years before his SS Full Retirement Age.
His total lifetime Benefit Payments will be $999,696
2. Thomas Collects at age 67 (His Full Retirement Age)
Monthly Payments: $4595. The reason it is not $2930 as stated above, is because Thomas waited until his SS Full Retirement Age to collect.
His total lifetime Benefit Payments will be $1,162,230
3. Thomas Collects at Age 70 (His Maximum Benefit Age).
Monthly Payments: $6046. The reason it is not $4595 as stated above is because Thomas waited until his Maximum Benefit Age to collect.