To maximize your Social Security benefits, work a high-paying job for many years and delay claiming until age 70, which significantly increases your monthly payments.
Maximizing Social Security: Why Waiting Until 70 Can Boost Your Retirement Income
According to The Motley Fool, many people depend on Social Security to pay their bills during retirement. To get the most money from Social Security, you need to work many years at a high-paying job and wait until you are 70 to start receiving benefits. The Social Security office looks at your highest 35 years of earnings to decide how much money you will get each month. If you start getting benefits early, at age 62, your monthly payment will be much lower. But if you wait until age 70, you will get a lot more money every month.
The difference in monthly payments based on when you start is big. For example, in 2024, the highest monthly payment at age 62 is $2,710, but at age 70, it is $4,873. That is over $2,000 more each month, which adds up to over $25,000 more each year. Waiting to claim your benefits can be very helpful, especially if you had a high income during your working years. This delay helps you get the most money during your retirement.
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Maximize Your Social Security Benefits: $2,000+ Monthly Difference in Waiting Until Age 70(PHOTO: NerdWallet)
Is Waiting Until 70 for Social Security the Right Choice for Your Retirement?
However, waiting to get Social Security is not the best choice for everyone. Some people might want to start getting their benefits early so they can enjoy their retirement sooner, or because they need the money right away. However, studies show that for most people who have saved enough for retirement, waiting until age 70 is the best financial choice. This can help ensure you have a more comfortable and secure retirement.
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