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Article

When Should You Claim Social Security?

David Laster and Anil Suri
The Journal of Retirement Summer 2014, 2 (1) 14-22; DOI: https://doi.org/10.3905/jor.2014.2.1.014
David Laster
is head of retirement strategies at Merrill Lynch Wealth Management, Bank of America in New York, NY.
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  • For correspondence: david.laster@ml.com
Anil Suri
is a managing director and head of portfolio construction and investment analytics at Merrill Lynch Wealth Management, Bank of America in New York, NY.
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  • For correspondence: anil_suri@ml.com
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Abstract

When to claim Social Security is for many retirees among the most important financial decisions they will make. For many families, the lifetime expected value of future Social Security benefits exceeds half a million dollars. Waiting until age 70 to claim Social Security can raise one’s monthly benefit check by up to 76%, yet only about 1 in 20 recipients waits until age 67 or older. Delayed claiming offers two key advantages. First, by raising the level of guaranteed lifetime income, it can help reduce the risk of outliving one’s wealth. Second, for many people, waiting to claim can increase expected lifetime benefits. For individuals of average life expectancy, waiting until age 69 or 70 can boost expected lifetime benefits by 14%, or $60,000 for those with high (90th percentile) income. Waiting to claim can be even more beneficial for high-income couples, potentially increasing their expected lifetime benefits by more than 20%, or $150,000.

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The Journal of Retirement: 2 (1)
The Journal of Retirement
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Summer 2014
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When Should You Claim Social Security?
David Laster, Anil Suri
The Journal of Retirement Jun 2014, 2 (1) 14-22; DOI: 10.3905/jor.2014.2.1.014

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When Should You Claim Social Security?
David Laster, Anil Suri
The Journal of Retirement Jun 2014, 2 (1) 14-22; DOI: 10.3905/jor.2014.2.1.014
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  • Article
    • Abstract
    • SOCIAL SECURITY MATTERS GREATLY
    • THE CHOICE OF WHEN TO CLAIM
    • WHAT PEOPLE DO
    • DECIDING WHEN TO CLAIM
    • ASSESSING THE POTENTIAL ADVANTAGES OF A STRATEGIC CLAIMING STRATEGY
    • THE “FILE AND SUSPEND” STRATEGY
    • CONCLUSIONS
    • ENDNOTES
    • REFERENCES
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  • Editor’s Letter
  • BOOK REVIEW: Is There a Retirement Crisis? An Exploration of the Current Debate
  • Editor’s Letter
Show more Article
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