Adding a Social Security and Medicare Safety Net Into Your Retirement Plan

You can wait to file for your Social Security retirement income benefits until after your full retirement age. If you do so, you can receive a higher dollar amount, and this increased income will remain in effect for the rest of your lifetime. The longer you wait to receive your benefits, the more “delayed retirement credits” you will receive – until you reach age 70. (Note that you are allowed to continue to delay the receipt of your benefits beyond age 70. However, once you’ve reached the age of 70, you will not be able to build up any more delayed retirement credits). The amount of

this delayed retirement benefits increase is 8% per year for anyone who was born in 1943 or later. Looking at an example, if your full retirement age is 66 and your total amount of Social Security guaranteed retirement income is to be $2,000 per month, you could end up with a 32% “raise” by waiting until age 70 to start collecting. The increased income doesn’t include the cost of living adjustment(s) you may receive in the future, which are also calculated on the larger initial monthly benefit amount.

If you take benefits at age:

Monthly benefit amount:

66 (FRA)

$2,000 $2,160 $2,320 $2,480 $2,640

67 68 69 70

IF YOU’RE WONDERING WHETHER YOUR SOCIAL SECURITY WILL BE ENOUGH FOR RETIREMENT OR WANT TO KNOW HOW TO MAXIMIZE YOUR SOCIAL SECURITY BENEFITS, FIND A SOCIAL SECURITY AND SAFE MONEY EXPERT www.certifiedsafemoney.com.

info@certifiedsafemoney.com www.certifiedsafemoney.com

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