Delaying Social Security benefits until age 70 can significantly enhance the monthly payout due to an 8% increase for each year delayed after the full retirement age (FRA), which for those born in 1960 or later is 67. However, once individuals turn 70, they must claim benefits as waiting could result in lost lifetime income. Enrollment in Social Security requires proactive steps, as it isn't automatic upon reaching age 70. Thus, strategizing the timing of benefits is crucial for maximizing retirement income.
Not everybody is eligible for Social Security. To be able to collect benefits in retirement, you must work and pay taxes on your earnings to the point where you accumulate 40 work credits in your lifetime.
If you wait until full retirement age (FRA) to claim Social Security, you won't have to worry about a benefits reduction. FRA is 67 for anyone born in 1960 or later.
For each year you delay Social Security past your FRA up to age 70, your benefits increase by 8%. However, claiming after 70 could hurt your retirement income.
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