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Social Security: Must-knows for delaying your claim and getting $100s more

Millions of Americans rely on Social Security each month to get by, but there are good things to keep in mind if you push it off.

social security card with cash representing social security benefits

By pushing your claim back past your full retirement age, you will see a boost in monthly payments for each year.

You may start claiming as early as 62, but you will see a drop in your monthly benefits.

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Here are three things to keep in mind about waiting to receive Social Security

Don’t wait until past age 70 for Social Security

By retiring at your full retirement age, which is 66 or 67, you’ll see your full benefits.

You can wait until age 70 and collect around 8% more for each year.

Once you hit age 70, you stop gaining and increase so it’s best to just claim the benefits.

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If you are married, your spouse cannot claim benefits until you do

Spouse’s can collect half of what their working spouse is entitled to.

This cannot happen until the spouse with the benefits claims them first.

If your spouse has no income or a lower income or benefit, it may be worth claiming Social Security before 70.


Some may need to outlive life expectancy to break even

Some people that wait until they’re 70 may need to receive payments for 8 more years to break even.

This means some people that claimed at 70 instead of 62 will see fewer payments because of their life expectancy.

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