Throughout our working life we become accustomed to seeing chunks of our paycheck withheld for different types of taxes. Not many of us get a warm fuzzy feeling about contributing our share of payroll taxes to the government for Medicare and Social Security. Fortunately, the government gives you back the money in the form of monthly payments for the rest of your life and possibly your spouse’s life as well. As you approach the age range when you can finally claim social security, between age 62 and 70, it becomes imperative you consider the best strategy for your situation. As you delay claiming your benefit, the government significantly increases your benefit each year. In fact, every year you delay after full retirement age, you receive a guaranteed 8% increase in your benefit (this stops after you reach age 70). Try finding a guaranteed 8% return anywhere else! While there are many factors...
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