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: George Riley-Male 69
Client: Martha Riley- Female 63
Marital Status: Married
Health: Both in Good Health
Life Expectancy:
George-Age 84
Martha-Age 87
SS Full Retirement Age:
George 66 ½ Years Old
Martha 67 Years Old
SS Payments at Full Retirement Age:
George-$3333
Martha-$2165
Cola: 2%
Which option would you choose?
1. George Collects at age 69, and Martha Age 63:
George: $4022. The reason it is not $3333 as stated above, is because George waited 2 ½ years beyond his SS Full Retirement Age to collect.
Martha: $1508. The reason it is not $2165 as stated above, is because Martha took her payments four years earlier than her SS Full Retirement Age to collect.
Martha will receive $5521 in total if George dies at his projected life expectancy age of 84.
2. George Collects at age 69 and Martha Age 67, (Her Full Retirement Age)
George: $4022. Again, the reason it is not $3333 as stated above, is because George waited 2 ½ years beyond his SS Full Retirement Age to collect.
Martha: $2165. The reason it is not $1508 as stated above, is because Martha waited until her SS Full Retirement Age to collect.
Martha will still receive $5521 in total if George dies at his projected life expectancy age of 84.
3. George Collects at Age 70 (His Maximum Benefit Age) and Martha Age 63
George: $4352. The reason it is not $4022 as stated above, is because George waited until Age 70 to collect.
Martha: $1508. The reason it is not $2165 as stated above is because Martha took her payments four years earlier than her SS Full Retirement Age to collect.
Martha will receive $5857 in total if George dies at his projected life expectancy age of 84.
George Collects at age 70 and Martha Age 67 (Her Full Retirement Age)
George: $4352. Again, the reason is because George waited until Age 70 to collect.
Martha: $2165 because she waited until her SS Full Retirement Age to collect.
Martha will receive $5857 in total if George dies at his projected life expectancy age of 84.