Brian Doherty explains and illustrates why the benefit amounts that appear on your Social Security statements are wrong and why that makes the case much stronger for delaying the claiming of your benefits. Social Security statements contain three benefit amounts; Full Retirement Age benefit (the amount received if claimed at age 66 – 67), your smallest benefit (if claimed at age 62), and your largest benefit (if claimed at age 70). The Full Retirement Age benefit amount and the age 70-benefit amount on your statement are wrong because they are too low. They are too low because of retroactive COLA (Cost of Living Adjustments) credits and the incredible way that Social Security applies them if you delay claiming your benefits. Because of retroactive COLA credits those benefit amounts are going to be substantially higher. Doherty relates that retroactive COLA credits are one of the most amazing things he has seen in his 30 plus years in the financial services industry and why no private company could duplicate it. Over the last 7 years he has demonstrated how retroactive COLA credits work to over 10,000 people, including financial advisors, wealth managers, portfolio managers and corporate executives; and not one person in   Read more…