Delaying Social Security benefits can lead to a higher monthly payout, with an increase of about 8% for each year delayed until age 70. For those in good health, this strategy can provide significant benefits. However, for individuals in poor health or who face financial instability, claiming benefits sooner may be more advantageous. Factors such as life expectancy and immediate financial needs should guide the decision on when to start receiving Social Security, emphasizing the importance of personalized financial advice.
When you delay Social Security, your monthly benefit grows by about 2/3 of 1%. It amounts to 8% per year, possibly up to 24% until age 70.
If you're not in good health, the potential for longer lifespan decreases. If claiming earlier results in more lifetime income, it may make sense to start sooner.
For those with an FRA of 67, waiting until 70 means a higher monthly benefit but may not translate into greater lifetime benefits if one does not live long.
For those facing unemployment, filing sooner may be sensible to ensure financial stability, rather than waiting for a higher benefit in uncertain circumstances.
Collection
[
|
...
]