Social Security Benefits: Is It Worth It to Delay?

• Overview
• Credits

Get a firm understanding of Social Security retirement benefits and know when it makes sense to delay so you can properly advise your clients.I believe that social security has been the American workers' greatest investment and has been labeled the third rail of politics, and perhaps rightly so. However, dire predictions have recently been published about the collapse of the system, but are those predictions really warranted? This topic will take you from the beginning of social security to the present day and probable future. From the eligibility requirements and the exact procedure for the determination of benefits of individuals and spouses, to a discussion of taking benefits early or delaying benefits to a later age. The penalties for either the worker or the spouse taking benefits prior to a normal retirement age will be discussed. The government pension offset and the windfall elimination provision will be explained. In making a decision to take social security benefits at a current age or delaying the benefits to a later age, this topic will show you when the break-even of total revenues from current or delayed benefits will occur and the probabilities of surviving to those ages.

Authors

Agenda

Determination of Benefits

• Eligibility

• Benefits

Spousal Benefits

• Nonworking Outside the Home

• Relatively Short Work Career

• Relatively Low Wages

Delayed Benefits

• Is It Worth It to Delay?

• Break-Even

The Future of Social Security

• Some Congressional Proposals