What is Delay & Gain?
Throughout most of our working lives, we often dream of retirement and its promise of freedom from strict schedules, traffic jams, demanding jobs, overbearing bosses, difficult co-workers, physically tiring work, boredom or lack of wage growth. The reasons to retire as soon as possible can easily pile up during a working life that spans decades. For many workers, the strong desire to stop working may cloud their decision about when it’s best, financially speaking, to call it quits. This could cause retirees, particularly women, to lose thousands of dollars of Social Security income over the course of their retirement, placing them in potential financial peril.
The Delay & Gain education project is for older workers who are nearing retirement. Our goal is to help near-retirees make informed, financially sound choices through an understanding of the increased Social Security benefits gained by a delay in filing their claim.
Many seniors plan to apply for benefits upon leaving their jobs, but that could be a mistake for several reasons.
Many people who wind up with a smaller Social Security check because they claim their benefit early could have waited longer to file, thanks to funds in their IRA.
It is one of “the most significant labor market trends” in the United States, says Wellesley College researcher Courtney Coile.
Your retirement standard of living could very well be worse if you claim your Social Security benefits at age 62. That’s surprising because the Social Security Administration goes to great lengths to ensure that, regardless of when retirees claim their Social Security benefits, they will be no better or worse off. Those claiming at age 62 — “early claimers,” as they’re called — will receive more years of benefits than those who wait, but at a reduced rate.
Read this article by NCPSSM President and CEO, Max Richtman, as he discusses the benefits of delayed claiming.
Learn why deciding when to claim Social Security retirement benefits is one of the most important decisions a worker will ever make – and how delayed claiming can really pay-off in the long run.
The Social Security Administration has provided an online calculator to help beneficiaries learn what their benefit will be depending on when they file their claim.
Read what others are asking about delaying their benefits and ask your own questions.
A collection of radio interviews discussing the benefits of delayed claiming.