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When should you collect social security benefits?

More than half of the time the value will nearly double.

More than a third of the time the retiree ends up with 5 times the amount of principal they started with at the end of 30 years.

90% of the time retirees finish with more than their starting principal at the end of 30 years.

That is equal to between $595,260 $892,890 at the end of retirement. So while Client A may have collected an additional $146,414 from their delayed SS benefit, they likely lost somewhere between $595,260 -$892,890 due to 38 years of missed compounding.

From a legacy perspective, Client A’s estate is greatly enhanced by collecting early. While an estate is more of a benefit to Client A’s heirs, either way the bills were paid to support their lifestyle during retirement, and their total net worth is higher at the end of their life.

Joe Favorito

Joseph Favorito is a Certified Financial Planner™ who began his career in the financial services field in 1997. Over the past two decades Joseph has worked for several New York stock exchange members. In 2011 he founded Landmark Wealth Management, LLC , a Long Island-based Securities Exchange Commission registered investment advisory firm.