Delaying the claim for Social Security benefits can result in higher monthly payments, making it a financially wise choice for those with limited savings. By waiting past the full retirement age (FRA), individuals can receive an 8% increase in benefits each year, translating to significant extra income. For example, someone with a monthly entitlement of $1,979 could see that increase to $2,454 by age 70 due to this timing strategy. Consulting a financial advisor is recommended for those navigating their options as they approach retirement.
Your monthly Social Security benefits will be available to you once you turn 62. But if you want more money each month, then you'll need to sit tight.
For each year you delay Social Security past FRA, your monthly benefits get an 8% boost. So if your FRA is 67, you're talking about collecting 24% more by waiting three years.
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