In a recent feature in Investor’s Business Daily, Heather Schreiber, founder of HLS Retirement Consulting, provided valuable insights into the challenging decision of when to start collecting Social Security benefits. She highlighted how delaying the start of these benefits could lead to significantly larger payouts, potentially increasing an individual’s total benefits by up to $179,057.
Schreiber stressed the importance of understanding the break-even point – the age at which the total benefits collected surpass those that would have been accumulated if one had started receiving them earlier. For those with longer life expectancy, it could be advantageous to delay the benefits, while those unsure about their longevity might be better off starting earlier.
