How much extra money can I get each year if I delay taking my
Social Security benefits?
Delaying your Social Security benefits beyond your full
retirement age is a great way to boost your annual payouts for
You can start receiving payouts as early as age 62, but your
annual benefits will be about 25% less than if you wait until full
retirement age to start receiving payouts (if you were born from
1943 to 1954, your full retirement age is 66; the age gradually
increases to 67, for people born in 1960 or later).
Every year after your full retirement age that you wait to claim
benefits will boost your annual payouts by another 8%, until you
reach age 70.
Waiting to take benefits at age 70 will give you 32% more in
benefits than if you took them at age 66, and 76% more than taking
them at age 62. You need to consider your life expectancy when
deciding when to take benefits, but if you can afford to delay
benefits until age 70 and live past age 82 or so, you'll receive
more in lifetime income from Social Security than if you wait until
full retirement age (and your spouse can benefit, too, if you wait
to take benefits).
For more information about making the most of your Social
Security decisions, see our
Maximizing Social Security Special Report
Strategies to Boost Your Social Security
, which includes special ways to coordinate your benefits with your
spouse. To get a personalized recommendation, go to
Kiplinger's Social Security Solutions