Delaying Social Security to 67 Locks In 8%-10% Annual Benefit Gains

1 articles · Updated · 24/7 Wall St. · May 27

Benefits claimed at 62 instead of 67 are permanently reduced, while each year of delay to full retirement age lifts the monthly check by roughly 8% to 10%, Julia Lembcke said.
That increase comes from Social Security’s formula cutting benefits about 6.7% for each early year claimed and continuing delayed-retirement credits beyond full retirement age until 70.
For married couples, Lembcke said the higher earner usually has the strongest case to delay because the surviving spouse keeps only the larger of the two checks.
She cautioned that waiting until 70 is not automatically optimal for both spouses; health, other income, taxes and survivor outcomes can shift the best claiming age.
The practical step before filing is to compare SSA.gov estimates at 62, 67 and 70, since the choice is largely irreversible after 12 months.

As Social Security insolvency nears in 2032, is delaying benefits for a larger payout still a safe bet?

Is draining your retirement savings to delay Social Security a smart strategy or a dangerous gamble on your future?