"The nice thing about Social Security is that you can choose when to sign up for benefits. If you wait until full retirement age (FRA), you'll get your complete monthly benefit without a reduction. If you file sooner, which you can do once you turn 62, your monthly benefit will be reduced. There's also the option to delay your Social Security claim past FRA for a larger monthly benefit."
"Specifically, for each month you hold off, your benefit grows about 2/3 of 1%. This amounts to an 8% boost for each year you delay your claim. Unfortunately, Social Security won't give you credit indefinitely for waiting to file. Once you turn 70, your monthly benefit won't grow anymore, so it doesn't pay to wait to file past that point."
Social Security allows choosing when to start benefits. Filing at full retirement age (FRA) delivers the unreduced monthly benefit. Filing as early as 62 reduces the monthly amount. Delaying past FRA increases benefits by about two-thirds of one percent per month, roughly eight percent per year, until age 70. Benefits stop increasing after age 70, so delaying past that point yields no additional monthly growth. Delaying can result in a larger lifetime monthly check, and it particularly benefits people with little savings, people still working and earning well, and people who expect to live a long life.
Read at 24/7 Wall St.
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