Sunday, April 2, 2023
HomeUS NewsYour Social Security check could be bigger the longer you wait

Your Social Security check could be bigger the longer you wait

- Advertisement -

Nearly all American workers are eligible for Social Security benefits, and people can choose to start collecting their monthly checks at any time between the ages of 62 and 70. Full retirement age is currently set at 67 years old for workers born in 1960 or later, and as the phrase implies, this is the claiming age at which you’ll collect your full Social Security benefit as calculated from your work history.

Having said that, not many people are willing to wait.

Nearly 90% of eligible Americans claim Social Security at or before their full retirement age, with about a third of beneficiaries claiming at age 62, as early as possible. Only 6% of women and 4% of men waited until age 70 to start collecting benefits in 2018. But if you are one of the few who can hold out and start claiming later, it could have a significant impact on your financial life after retirement.

Social Security card in a stack of money.

Debt ceiling talks:How Medicare and Social Security benefits factor into the Kevin McCarthy debt ceiling fight

Is Social Security income taxable?:Here’s what you might owe on your benefits

Social Security check at different ages

If you choose to claim Social Security before reaching your full retirement age, your benefit will be permanently reduced. On the other hand, if you can wait longer than your full retirement age — up to age 70 — your benefit will be adjusted higher.

Story Credit:

- Advertisment -

Most Popular