You have done it all the right way: exercised, ate right, and did not indulge in too many vices. This clean living may cost you in the long run – if you take Social Security too early.

If you delay taking Social Security, you will have a bigger check, it is that simple. Many of us are tempted to start drawing at age 62; however, if you can wait, please do. I hear all of the reasons: Social Security is going to run out of money, “I have paid in for so long I want to get every cent I can as soon as possible”, and “I have no idea how long I will live.” Let’s just take a step back from these arguments for a moment.

If you pull Social Security prior to full retirement age, you will pay in extra tax and penalties depending on your income. If you delay taking benefits until after full retirement age, you will receive a credit of approximately 8% each year you delay. With the average life expectancy today being 86yrs. of age, the decision as to when you start Social Security becomes a very big decision.

So pat yourself on the back for the wonderful healthy way you have been living your life. Crunch the Social Security numbers while you are crunching your abs. You just may be able to win the longevity race fiscally as well as physically by delaying Social Security.

disclosures:http://www.hechteffect.net/?page_id=31