About 40.8% of the women who were newly awarded social security benefits in 2014 were the age of 62, according to an NBC report. That’s the earliest age women can file for retirement benefits and the average age women retire, a figure that hasn’t budged in over a decade, according to a study by the Center for Retirement Research at Boston College. Yet delaying an SSI claim from age 62 to age 70 can increase the value of Social Security benefits by as much as 76%, according to research by David Laster and Anil Suri of Merrill Lynch.
“For a retiree with pressing financial needs or a short life expectancy, it may be best to claim benefits as soon as possible. But for many others, current research suggests that waiting to claim Social Security can substantially increase expected lifetime benefits and reduce the risk of outliving their wealth,” they wrote in the study.
Weighing the Numbers as We Live Longer
Clients of Social Security attorneys would do well to consider postponing applying for benefits given the fact that people are living longer. The Social Security Administration currently calculates the life expectancy of women turning 65 now to be around 86.6.
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