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Letters: When to collect Social Security

May 03, 2012

Re "Don't rush for Social Security," Business, April 29

While it is true that delaying collecting your normal Social Security benefit beyond your full retirement age gives you an 8% annual increase, to get that 8% increase you give up 100% of the normal benefit you could be collecting.

Here's an example: You can start collecting $1,000 a month at 66 or delay until age 70 (48 months), and get $1,320 a month (8% yearly increase for 4 years). To get that extra $320 a month you've given up $48,000 that you could have already collected, and you'll be over 82 before you finally catch up — if you live that long.

John Baseel

Upland

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