When we offer any kind of support to aging parents, we learn quite a bit about Social Security along the way. One thing we discover is information about the various retirement ages that qualify for benefit payments. If other adult children are anything like me, they begin to think about their retirement years ahead and just how Social Security fits into the picture.
The New York Times Your Money column published an article that addresses just these issues. In The Payoff in Waiting to Collect Social Security, columnist Tara Siegel Bernard explains how Social Security payments work and how they increase from year to year if a person is able to put off collecting retirement benefits from the program for even a few years. The November 15, 2013, column describes a typical couple considering when to apply for Social Security benefits and how they might benefit from delaying payments if they can afford to do so, quoting experts from the Boston College (BC) Center for Retirement Research, which happens also to publish The Social Security Claiming Guide, a booklet that walks readers detail-by-detail through the steps that retirees need to consider when the start thinking about when to apply for payments.
Think about it this way. If you delay collecting your benefits, which can be claimed anywhere from age 62 to 70, the money you leave on the table each year is basically a payment for a much higher stream of lifetime income.