Boost Your Social Security Benefits: Delay Until Age 70 to Increase Monthly Payments by $1,000
How Waiting Until 70 Can Increase Your Monthly Social Security Benefit from $1,918 to $2,378
According to The Motley Fool, if you want to increase your Social Security benefits, delaying your claim until age 70 can help. Right now, the average monthly benefit is $1,918. If you wait until you’re 70 to start receiving benefits, you can raise this amount to $2,378.32 per month. This is because you avoid early filing penalties and earn extra credits.
Claiming benefits early at age 62 will cut your monthly payments by 30%, leaving you with about $1,342.60. This reduction happens because Social Security lowers payments for those who start early. Waiting until age 70 helps you avoid these penalties and increases your benefit amount.
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$2,378.32 vs. $1,342.60: Why Delaying Social Security Benefits Can Add $1,035.72 to Your Monthly Income (PHOTO: AOL.com)
Why Waiting Until Age 70 for Social Security Benefits Can Boost Your Income, But Early Claims May Be Better for Some
For most people, waiting until age 70 is a good choice, as it often results in more money over time due to longer life expectancies. However, if you are not in good health or need money sooner, claiming early might be better. Delaying can give you a much higher monthly income, providing more financial security in retirement.
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