If you’re approaching retirement age, Consumer Warrior Clark Howard says if you can wait until you are 70 to start collecting Social Security benefits to help get more money into your pocket.
Jacksonville FL — If you’re approaching retirement age, Consumer Warrior Clark Howard says, if you can, wait until you are 70 to start collecting Social Security benefits to help get more money into your pocket. Clark says the additional money you can get by waiting until you’re 70 in comparison to when you’re 62 is gigantic.
“Then once you get that initial larger check, every year when they adjust for inflation, you’re adjusted from that bigger amount, not a smaller amount”. Clark says. Clark says even if you have to work part-time in your 60s, you should do what you need to do to start collecting benefits at 70. Clark also believes that Congress will act at some point to make sure the people who are collecting Social Security will get the full benefits.Steven Ponson
Steven Ponson is the morning reporter for Jacksonville’s Morning News. He has been with Cox Media Group since the summer of 2015, and been living in Florida for over 20 years.
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