Payoff in Waiting to Collect Social Security

The cost of living increases almost every year. Many Americans have put off saving for their retirement, most plan to rely on the money they get from Social Security. Americans are able to collect money from Social Security when they reach the age of 62. However the amount of money that they receive increases if they wait a few years to collect Social Security. Because the cost of living will increase over the years, it makes economic sense to put off collecting Social Security at least until the age of 65. For people born after 1959, the full retirement age is 67. In the article an example was given of a man who would receive $12,000 at the age of 65. If he delayed collecting the benefits for one year, he would get an additional $820 per year. Since many people are relying on Social Security for the majority of their retirement savings, it makes sense that they should delay it. Especially since the cost of living will continue to increase.

I believe that if it is possible, people should delay collecting Social Security for as long as possible.  That way they get more money. I don't think that most people are willing to delay collecting social security for financial reasons. People who collect Social security will get a cost of living adjustment per year, but I don't think that extra money really helps because of inflation. So their best bet is to wait as long as possible. I know I would wait so that I could receive more money.

http://www.nytimes.com/2013/11/16/your-money/the-payoff-in-waiting-to-collect-social-security.html?_r=0