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Social Security: Why you should delay collecting benefits as long as you can

Millions of Americans collect Social Security payments every year as a way to pay for their lives in retirement.

social security card with cash and check for benefits

Some people want to retire as soon as they possibly can at the age of 62, but you could see a much smaller monthly benefit.

It is possible to wait until your full retirement age of 66 or 67 for 100% of your benefits.

You could also wait until age 70, when you would see the highest possible benefit.

Every year you wait past your FRA you’ll see an 8% increase.


Social Security: Is waiting to claim benefits at age 70 a good or bad idea?

Three major reasons you should wait to claim Social Security

The first reason some want to wait to claim is because they have a smaller than normal nest egg.

If you did not end up saving as much as you wish you could have then waiting to collect bigger payments may be the right move for you.

Another reason is that waiting will give your spouse a larger benefit.


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If you die before your spouse, they’ll see 100% of the benefits you were getting.

The bigger yours was from waiting, the more they can collect.

Finally, some people just don’t like to have tons of free time.

If working is important to you but you’re old enough to retire, waiting will earn you more in the long run anyway.

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