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Did you know that every year you delay starting Social Security benefits increases your eventual monthly check by 8%, in most cases.* If you get your full retirement benefits at age 66, waiting until you are 70 will increase your monthly benefit by 32%.
Alternatively, if you start Social Security retirement benefits is age 62, which is the earliest age allowed, your checks will be reduced by 27% — 30% if you were born in 1960 or later.
Don’t forget that if you are taking Social Security and have other income some of your benefits may be taxable.
Deciding when to start taking Social Security retirement benefits is a big decision that cannot be changed, so consult your financial and tax professionals in advance.
*Those born prior to 1943 may receive a slightly lower benefit by waiting. https://www.ssa.gov/planners/retire/delayret.html
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