NCLR Highlights Importance of Waiting to Collect Social Security Benefits

NCLR Highlights Importance of Waiting to Collect Social Security Benefits
New infographic commemorates National my Social Security Week

WASHINGTON, D.C.—In honor of National my Social Security Week, NCLR (National Council of La Raza) today released an infographic highlighting the advantages of waiting to collect Social Security benefits. Latinos in the United States are living longer than ever with greater life expectancies than both their Black and White counterparts. Because of this, Social Security benefits play an even more critical role in helping older Latinos attain lifelong economic security. In addition, Latinos are more likely than other seniors to rely on Social Security as their sole source of retirement income given that two-thirds of Latinos work for employers that do not offer retirement plans.

“During National my Social Security Week, we are working to inform the Latino community about the additional benefits they can receive if they decide to wait to retire for just a few more years,” said Eric Rodriguez, Vice President of the Office of Research, Advocacy and Legislation, NCLR.

For most people, full retirement age is 66 or 67; however, workers are allowed to begin collecting Social Security benefits as early as age 62. Those who collect benefits early will be penalized and have their monthly benefits reduced. Those who wait to collect will see their benefits increase by up to 8 percent every year after age 62. Workers have the option to begin collecting at full retirement age or can wait up to age 70 to begin collecting, boosting their monthly payments even higher as demonstrated in NCLR’s newly released infographic.

“It’s important that Latino families have the right information to make an informed decision about retirement and their economic future. We are hoping that through this infographic and other tools we have provided the Latino community, including NCLR’s publication ‘Latinos and Social Security: How to Maximize your Benefits,’ we will continue to reach Latinos far and wide with the message that it really does pay to wait,” concluded Rodriguez.

For more information about how to maximize your Social Security benefits, please read the NCLR brochure “It Pays to Wait” (“Vale la pena esperar”).

NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.

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