Claiming Social Security Retired-Worker Benefits
For most workers nearing retirement, Social Security benefits are among their largest assets, whether they know it or not. The discounted present value of lifetime Social Security benefits payable to newly retired workers, even without regard to additional, auxiliary benefits that may be payable to family members and survivors, is comparable in value to the average worker’s house. Yet many people treat this valuable asset very cavalierly. By exercising reasonable care—including getting good advice from a professional—many people can increase the value of their lifetime Social Security benefits by tens or even hundreds of thousands of dollars.