Delaying Social Security Could Lead to a Larger Lifetime Benefit. 3 Tips to Help You Pull It Off.
The data about the ideal Social Security claiming age is pretty clear: Unless you have a short life expectancy, delaying until 70 will probably get you the largest lifetime benefit. A 2022 paper from the National Bureau of Economic Research found that more than 90% of Americans should claim at 70 if they want to get the most from the program.This is because every month you delay Social Security increases your checks a little until you qualify for your maximum at 70. However, waiting to sign up is easier said than done.Many people can't afford to delay their application, even if they would like to. If you're in that boat, the following three strategies could help you put off your benefits for a little bit longer so you can lock in bigger checks.Continue reading
The data about the ideal Social Security claiming age is pretty clear: Unless you have a short life expectancy, delaying until 70 will probably get you the largest lifetime benefit. A 2022 paper from the National Bureau of Economic Research found that more than 90% of Americans should claim at 70 if they want to get the most from the program.
This is because every month you delay Social Security increases your checks a little until you qualify for your maximum at 70. However, waiting to sign up is easier said than done.
Many people can't afford to delay their application, even if they would like to. If you're in that boat, the following three strategies could help you put off your benefits for a little bit longer so you can lock in bigger checks.
