Older adults across the country are bombarded with invitations to attend seminars that allegedly will clue them in on a supposed “secret” to maximizing their Social Security benefits. Well, if you’re one of those folks, I can save you the trouble of getting out of the house and traipsing across town to take in one of these little gatherings. Because here is the “secret” you will learn: “Wait as long as possible, preferably to age 70, to file for your Social Security benefits.”
This can be good advice if you think you’re going to live until a ripe old age because then, in the long run, you will reap more benefits out of the Social Security system (especially with the augmented benefits -- up to about 30% -- you get by waiting until 70) to make up for the money you lose by not signing up for benefits earlier.
