We all have been paying into Social Security for years and can’t wait to start collecting…but WAIT…don’t be in a rush!

According to AARP and the Financial Planning Association, 90% of retirees know that waiting to collect Social Security will get them a bigger benefitbut only 5% know how much bigger!

Individuals who collect their Social Security beginning at age 62 receive 25% less in monthly benefits than if they had waited until full retirement age of 66and roughly 43% less than if they had waited until age 70.

If you collect at age 62 you will have to rely on your retirement portfolio for 78% of your monthly income. But if you wait until age 70 you will just have to rely on your retirement portfolio for just 60% of your monthly income.

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