Delaying Social Security could increase lifetime income

A national website that reports news about small cities and rural America says Oconee County residents who are nearing retirement can increase their lifetime income—-if they can wait to start drawing their Social Security benefits. According to the Daily Yonder, in Oconee County 11,154 residents—or nearly 15% of the population—are 55 to 64. Those are the years when folks start thinking seriously about retirement. Workers can start taking Social Security at age 62. But for those who can wait, the benefits go up. The website quotes Virginia Reno of the Washington-based non-profit National Academy of Social Insurance as saying, “If you need Social Security early, take it—you’ve earned it.” Payments increase 5 to 7% for each year of delay between 62 and 66, and by 8% for each year of delay between 66 and 70. The increases stop at 70. According to the Social Security Administration, around South Carolina, only about one in four residents who are currently receiving Social Security retirement benefits waited until full retirement age to start their payments.