Thinking about retirement and social security? Read this
If you've given any thought toward retirement and possibly delaying Social Security benefits, Clarence Rose's latest paper on the topic is a must-read.
Rose, a professor of finance in Radford University's College of Business and Economics, has published "The Return on Investment for Delaying Social Security Beyond Age 62" in the Journal of Financial Planning's April 2015 edition.
"The paper examines the rate of return on investment on delayed benefits compared to the increase in future benefits received as a result of delaying the start of Social Security from age 62 to age 66, and from age 62 to age 70 for individuals and married couples using the spousal benefit," Rose said. "This paper also examines the impact of the delay on the recipient's future standard of living as measured by the percentage of income replacement in retirement at various levels of earned income."
Rose has written and published numerous articles on Social Security retirement decision making.
"In a person's retirement and insurance planning, Social Security is the most important factor to an overwhelming majority of individuals," Rose said. "It's a topic that is extremely important in retirement decision making."
In addition to teaching finance at Radford, Rose serves as director of COBE's Center for Financial Education. He regularly writes about personal financial planning, real estate finance and investment analysis and investment strategies.