My Social Security Day: WFMY News 2 & AARP NC team up to talk about your future benefits

One in seven Americans receives a Social Security benefit, and more than 90 percent of all workers are in jobs covered by Social Security.
But when should you take the benefits instead of putting in to those benefits?

AARP calls August 14th “My Social Security Day”.  It’s the day Social Security turns 91, and what better day to understand where the money you’ve put in goes and what it will take to keep Social Security going?

Join us for a live phone bank on Friday from 4 pm to 6:30 pm. AARP volunteers will be manning the phones so you can ask questions and get resources. If you’re 50 to 64 years old, this is geared to help inform you.

One of the common questions is, what would my payment be depending on what age I take Social Security benefits? The payment changes from age 62 to your full retirement age and then again at age 70. 

For example, I looked at my benefits. This would be similar for anyone born in 1960 or later. 

62 is the earliest age you can take Social Security benefits. But it’s the lowest monthly benefit.

Now,  if you wait until your full retirement age, the payment increases to what is called your full benefit; in my case, it’s more than $1,000 a month.

And if you wait until 70, that’s called delayed benefits. That’s the maximum money you can get. 

“And so what folks really need to know is, if they wait from their full retirement age, and let’s just say it’s 67, until age 70, they’ll receive what are called delayed credits. Uh, you receive 8% each year that you delay up until 70. Plus, and this is a really important factor here, to know and understand, is that they will also calculate the cost of living adjustments that are offered in those given years, and so it’s compounded on top of that 8%,” said Scott Braddock, Scott Braddock Financial.