Want to Delay Your Social Security? Here's Why You Need to Plan for That in Advance

Delaying Social Security benefits past the full retirement age of 67 can lead to an 8% increase in monthly payments for each year you wait, up until age 70. However, doing so requires careful financial planning, including maintaining alternative income sources while delaying claims. This strategy is particularly beneficial for individuals who expect to live into their 80s or 90s or have inadequate retirement savings, as it results in a higher guaranteed paycheck for life. It's crucial to consider this option in advance to ensure financial security.

Once you hit age 70, you will no longer see increases for delaying benefits, making it crucial to plan your Social Security claim well in advance.

Delaying Social Security past full retirement age can increase monthly benefits by 8% each year, resulting in a significantly larger guaranteed paycheck for life.

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