What About Delaying Benefits?
For each year you delay benefits past your full retirement age (age 66 for those born from 1943 to 1954), you will get more money when you do claim benefits. Every year you delay claiming benefits, your benefit increases by 8 percent of the amount you could have gotten at the full retirement age. So, waiting until age 70 gets you 32 percent (= 8 percent times 4 years) more than you would have gotten at age 66. You can investigate this issue further by using one of the benefit planners provided by Social Security.
Advantages of Delaying Benefits
| Age of Claim | Benefit Increase | Example: $1000 Full Monthly Benefit |
|---|---|---|
| 67 | 8% | $1080 |
| 68 | 16% | $1160 |
| 69 | 24% | $1240 |
| 70 | 32% | $1320 |
Taking your Social Security benefits too early or too late can cost you thousands of dollars. Our custom benefit analysis will equip you with the information you need to make the right choice.