Getting Paid To Wait
By Brian Doherty
For many years, conventional wisdom held that you should claim Social Security as early as possible, at age 62, resulting in the smallest benefit for life. This trend has decreased over the last decade as the number of people waiting until Full Retirement Age (age 66 for most) has grown to its highest level in nearly 30 years[1]. However, most people, and even financial advisors, don’t
know that the Social Security Administration offers a powerful tool for those who have reached their Full Retirement Age that makes delaying to 70 even easier and financially viable.
In the first half of Getting Paid to Wait, Doherty makes his case for delaying Social Security to age 70 by discussing a series of nine “Why Wait Factors.” For instance, Factor #1 is that, “You’re probably going to live longer than you think.” Retirees and pre-retirees need to consider that life expectancy is only a mid-point. Male life expectancy is 75 years old. But what this means is that 50% of men will live longer than that age and outlive their own life expectancy.
Also, Doherty points out that “the longer you live, the greater your life expectancy becomes.” If a healthy male reaches age 62, his life expectancy is pushed out to age 84. Similarly, for a female, life expectancy increases from age 80 to 86[1]. And for a 62-year-old married couple, there is a 50% chance that one spouse will live to age 90. A long life is a blessing – it’s having the financial resources to pay for one that’s the issue. Maximizing Social Security dramatically reduces the probability of ending up in poverty.
In the second half of the book, Doherty reveals his signature Getting Paid To WaitSM strategies. Using what he calls “A Married Couples Secret Weapon” he shows precisely how a person can collect Social Security income, sometimes a substantial amount of income, while they are delaying to age 70 without impacting their Work History Benefit. These strategies are equipped with easy to follow charts and graphs and paired with relevant information from the Social Security Administration.
Any financial professional can offer their opinion on the best age to claim Social Security benefits. Running complex breakeven scenarios, countless experts advise on this topic – Brian Doherty is not one of them. In his new book, Getting Paid to Wait: Bigger Social Security Benefits – the Simple and Easy Way (Acanthus Publishing, 2015), Brian shows readers the one strategy to earn the most Social Security income while delaying for maximum benefit.
Social Security benefits increase by about 76% when you delay claiming them until age 70. At that point, you can lock in the highest Social Security benefit possible for the rest of your life. Everyone wants to maximize this valuable source of retirement income, especially those who have limited savings and no pension to rely on. But the challenge is waiting the eight years after age 62 without receiving any Social Security income.
Brian Doherty, financial consultant, speaker and professional with 30 years of experience, offers a unique solution that makes it easier to delay than ever before by providing income while you wait. In fact, he shows the most profitable way to delay – the one strategy that provides the most money while waiting until age 70. This powerful Getting Paid To WaitSM strategy can work whether you are married, divorced, or widowed and can substantially improve retirement lifestyle for individuals, couples or families.