The Lunsford Agency 69 West Second Street, Chillicothe, OH 45601

Waiting to file for S.S.benefits

What if told you that there is a government backed program that will pay you an income for life, and this account grows in value by 5-8% per year from age 62-70? No fees, no concern of losing money and it will make approximately 40% of your retirement income. Does such a thing exist? It sure does! It is your social security benefit.

I know the temptation is very real about wanting to start you benefits as soon as you can at age 62. You don’t want to die at age 68 for example without ever having received any of your S.S.benefits… I understand. Consider this though: the average man lives until 80 and the average woman until 83. If you are already 65 the numbers are 86 and 89 respectively. Do you know someone that’s 90? I think we all do right? Based on length of life averages doesn’t it make sense to wait as long as you can to start receiving benefits? Wouldn’t you like to maximize your S.S. check?

Let’s look like at a real life example of what I’m talking about. I will call our retiree John Doe and the numbers are real. You can get your statement by going to SSA.GOV

If John files for benefits at 62 his check will be in the amount of $1,901/mo
If he waits until 70 to file his payment will be $3,565/mo
Now, if he dies at age 90 he would have received $638,736 in payments from age 62-90.
The payout by starting benefits at 70 and dying at 90 are $855,600. That’s a difference of approximately $217,000!!

Let me help you make the right filing decision. It can be a $217,000 mistake by filing early. Let me show you how to coordinate your S.S. benefits with your IRA, 401K or other investments. Do you want to maximize your retirement income?

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