Financial Literacy for Everyone
Follow Us
For Broadcasters

Learn how you can play our weekly Practical Money Matters on your station. Learn more

Play NFL

Challenge yourself with Financial Football
Play our fun video game to test your knowledge about money.
Play now

PMM articles

Practical Money Matters
Disputing a credit card charge? Graduating? Leasing a car? Learn important tips from our weekly article series.
Read now

social media

Connect with us!
For daily money tips, quips and pics, follow us on social media.
Like us on Facebook
Follow us on Twitter

Practical Money Matters Radio Series

January 30, 2012
The Wisdom of Waiting for Social Security

download share

Find out how waiting to begin drawing Social Security benefits can help you ensure a more solid financial future.


Many people begin drawing Social Security as soon as they become eligible for reduced benefits at age 62. Unfortunately, they may not realize that starting benefits before reaching full retirement age will reduce their monthly check by up to 30 percent – for the rest of their life.

On the other hand, if you postpone receiving Social Security, your benefit will increase for each year you wait to retire up to age 70. In particular, people with longer life expectancies may want to delay benefits as long as possible. When you think about it, where else can you get a guaranteed annual rate of return of up to 8 percent?

Bottom line: Crunch the numbers before beginning to collect Social Security.

Related Articles

Email to a friend

Your Name:
Your Email:
Recipient's Email:
Enter code:

The information that you provide through this e-mail feature will not be stored by Visa for any other purposes. Please refer to Visa's privacy policy for details.