Social Security and Medicare Are Worth $570,000 and When You Claim Shouldn't Change That
New research from The Street estimates the total lifetime value of Social Security and Medicare is $570,000 for the average worker. Your total lifetime benefit might be quite different from the average, depending on your earnings and the number of years you work. But one factor that shouldn't significantly change the value of your lifetime benefits is the timing of your Social Security application.
It is true that the size of your monthly Social Security checks will be higher or lower based on when you begin receiving benefits. These adjustments hinge on what's called your full retirement age (FRA). That's the age you qualify for your full Social Security benefit as calculated from your earnings history. If you were born after 1943, your FRA is somewhere between 66 and 67. You can file for Social Security earlier than that -- as early as age 62 -- but your benefit is reduced by up to 30%. You can also file as late as age 70, in exchange for a benefit increase of up to 24%.
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Source Fool.com
