How to Calculate Social Security Benefits

Mike Downey: Let's talk about putting those numbers into your Social Security calculator. Your tool says have one wait till 70 and have the other one claim the benefit as soon as possible. That household starting in the year 2025 is going to collect 70 grant a year. What happens if they both claim benefit as age 70 at that point, they'd be collecting 87,000 in the household income? How do you decide between these two options?Downey: There's three things to think about when it comes to Social Security claiming decisions. Number one to think about is actual real mass. Thing number two is taxes. And thing number three is longevity risk,. From that point of view, delaying