Ryan Currie is with John Hancock Financial and spoke about Social Security for clients of the four local offices of Edward Jones Investments. (Photo: Marshall Hoffman)

Four local offices of Edward Jones Financial hosted a packed program at Old #1 Southside last week on Social Security. As a speaker, they brought in adviser Ryan Currie with John Hancock Financial. While workers are entitled to take Social Security payments at age 62 with no penalty, Currie demonstrated the financial benefits of waiting until the full retirement age of 66 or 67 (depending on birth year), or even later.

“If I wait ’til full retirement age, I’m receiving 100% of my benefit,” said Currie. “Now, if I want to take it early at age 62, you can see it’s being reduced…by 25%. Now, on the other side of it, if I wait all the way ’til age 70, I’m getting a 32% boost. And that growth rate is 8%. Your benefit is growing 8% a year every single year. There is no investment out there that can generate you 8% growth rate per year, other than Social Security.”

Currie said that amounted to a 76 percent increase in monthly income for people who can wait those eight years. The best way to financially make it to age 70, said Currie, was to keep working, a message he acknowledged not everyone wants to hear. It can be harder to live off your other assets until the time you can draw on Social Security, he noted. You can file as much as four months in advance of the date you want to take it.


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