9 Commonly Believed Myths about Social Security

7) Collect that check as soon as you can

Nearly half of Americans want that money as soon as they can get it, which right now is 62-years-old. If you are paranoid at not having the money available to you in the future, maybe that regular paycheck while you sit at home is nice. However, while a little extra dough in your pocket is a good thing, how about waiting a little longer to get even more?

What if I were to tell you that each year you delay in collecting your benefits, those benefits increase by about 8%. Read that again. I said each year. After a couple years that’s a significant chunk of change.

Nevertheless, when you choose to start your social security benefits is up to you and your situation. You may want to wait until you are not working to avoid being taxed. If you don’t feel you will live long enough to benefit from waiting, it may not be worth it to wait to receive your benefits. However, your survivor may appreciate the higher survivor benefits. So, if you like that person, you may want to wait.