by John Darer CLU ChFC CSSC RSP CLTC
Instead of taking social security retirement at age 62, a person can wait until age 70, maximize retirement credits and receive 71% more!
Whether you are an injury victim, a survivor of someone who has died a wrongful death or a personal injury trial lawyer or contingency fee lawyer with the ability to structure attorney fees, a structured settlement can help you get there. A structured settlement can be designed to replicate, what you would receive from social security if you began taking it at age 62 or 65, giving you stable income to age 70 or more.
For example, an attorney with the highest Average Indexed Monthly Earnings (AIME) collecting social security beginning at age 62 will draw in approximately $1,992 per month.; beginning at age 65 will draw $2,431 per month and holding out to age 70 will draw $3,425 per month for those drawing in 2014.
While there are other factors such as your health, family history and your perspective on longevity that go in to such a financial decision, maximizing social security should be explored.