62-Year-Olds Can Raise Social Security Checks by $99 a Month by Waiting 1 Year
Updated
Updated · The Motley Fool · May 16
62-Year-Olds Can Raise Social Security Checks by $99 a Month by Waiting 1 Year
5 articles · Updated · The Motley Fool · May 16
$1,479 a month is the estimated average benefit for a 63-year-old claimant who waits one year, up from about $1,380 at age 62.
That gain comes from shrinking the early-claiming penalty: filing at 62 cuts benefits to 70% of full retirement age payments, while waiting until 63 lifts them to 75%.
Over 20 years, the extra $99 a month would add roughly $23,760 in benefits, excluding any future cost-of-living adjustments.
The trade-off is cash flow: some retirees may need to claim at 62 despite the lower payment, though even delaying a few months can increase checks.
With benefit cuts looming by 2032, is delaying your Social Security claim still the smartest financial move?
Could a benefit cap for the wealthy really solve Social Security's funding crisis for future generations?