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Increase Social Security Benefits by Delaying Retirement

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The Social Security Administration has confirmed that there is a way for beneficiaries to increase their monthly Social Security checks by up to $1,033. This increase is tied to the age at which an individual chooses to claim their Social Security benefits. Currently, the average monthly Social Security benefit for retired workers is $1,913.31.

However, the exact amount a person receives depends on when they decide to start claiming benefits. The earliest age at which someone can claim Social Security is 62, but doing so results in a reduced monthly payment, about 30% lower than if they waited until their full retirement age. On the other hand, delaying claims beyond full retirement age can lead to a significant increase in monthly benefits.

For each year that a person postpones claiming Social Security past their full retirement age, up to age 70, their monthly payment increases by 8%. For example, someone with a full retirement age of 67 who claims Social Security at 62 would receive about $1,339.32 per month. But if that same person waited until age 70 to claim, their monthly benefit would be around $2,372.50.

Delaying increases Social Security checks

That’s a difference of $1,033 per month. However, this strategy isn’t right for everyone.

Those in poor health who don’t expect to live a long life may benefit more from claiming Social Security early. Additionally, claiming at 62 could be a good choice for those who need the funds to generate additional income, like starting a business. But for those who enter retirement without substantial savings or investment income, delaying Social Security claims could provide a much-needed boost to their monthly income.

An extra $1,000 per month from Social Security could make a big difference for someone whose 401(k) or IRA only allows for safe withdrawals of $400 or $500 per month. Delaying Social Security claims can also increase lifetime payouts, especially for those in good health. The longer a person lives, the greater the risk of outliving their savings, and higher Social Security benefits can help mitigate that risk.

It’s important to remember that the exact increase in monthly benefits will vary based on an individual’s wage history. But for many, waiting until age 70 to claim Social Security can have significant financial benefits, making it a decision worth considering for those who plan to rely on Social Security in retirement.


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  • LaGradaOnline.”Increase in Social Security checks by $1,033 per month – Confirmed by Social Security”.
  • GovExec.”Managing your Social Security benefits”.
  • Fool.”2 Steps to Claiming the $4,873 Max Monthly Social Security Benefit”.

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