If you are thinking about retirement, here is a great all in one chart from our friends at JP Morgan. The chart shows that a retiree with maximum benefits who waits until they are age 70 will receive $4,488 *per month vs. $2,014 per month at age 62. Delaying benefits results in less money during early retirement but substantially more later. If you are “at risk” for longevity, this is very much worth considering. The chart also provides a breakeven analysis to help with making a decision. We are happy to be a resource if you have questions about your personal decision. Click to see chart: JPMorgan Maximizing SS Benefits
* As adjusted for cost of living increases.